US Lawyer Database

Section 12-1108 – New Rental-Purchase Agreements

    (a)    When a rental-purchase agreement is satisfied and replaced by a new rental-purchase agreement between the lessor and consumer, the lessor and consumer shall negotiate a new rental-purchase agreement requiring new disclosures.     (b)    The following do not require the negotiation of a new rental-purchase agreement:         (1)    The addition or return of rental property under a multiple-item agreement or […]

Section 12-1109 – Advertisements

    (a)    An advertisement for a rental-purchase agreement that refers to or states the dollar amount of any payment and the right to acquire ownership for any 1 specific item shall clearly and conspicuously state, as applicable:         (1)    That the transaction advertised is a rental-purchase agreement;         (2)    The total cost and the number of payments necessary to acquire ownership; […]

Section 12-1110 – Penalties; Exceptions

    (a)    A person who willfully and intentionally violates any provision of this subtitle is guilty of a misdemeanor and on conviction is subject to a fine not to exceed $500 per violation.     (b)    For a violation of a provision of this subtitle, a consumer under a rental-purchase agreement may recover from the lessor committing the violation, or […]

Section 12-1110.1 – Recovery of Property Subject to Rental-Purchase Agreement

    (a)    A lessor may not bring a court action to recover property subject to a rental–purchase agreement until 15 days after the consumer has been sent notice of a default.     (b)    Notice of default sent by certified mail to the consumer’s last known address constitutes notice.     (c)    The notice shall include any amount the consumer must pay to […]

Section 12-1111 – Form for Disclosures

    (a)    The following is an example of a form which shall be used to satisfy the disclosure requirements of §§ 12–1103(c) and 12–1104(a) of this subtitle: “Rental–Purchase Agreement 1. Lessor(s): Name      Address      Telephone no.      Lessee(s): Name      Address      Telephone no.             2. Description of Rental Property: � Item � Quantity Identification Number � […]

Section 12-1104 – Disclosures — Specific Information; Tags

    (a)    The lessor shall disclose in each rental–purchase agreement, as applicable:         (1)    The total number, total amount, and timing of all rental payments necessary to acquire ownership of the rental property;         (2)    A statement that the consumer will not own the rental property until the consumer has paid the total of payments necessary to acquire ownership;         (3)    A brief […]

Section 12-1105 – Prohibited Provisions

    A rental-purchase agreement may not contain:         (1)    A confession of judgment;         (2)    A negotiable instrument;         (3)    A security interest or any other claim of a property interest in any goods except the rental property delivered by the lessor pursuant to the rental-purchase agreement;         (4)    A wage assignment;         (5)    A waiver by the consumer of claims or defenses; or         (6)    A provision […]

Section 12-1106 – Reinstatement; Repossession of Property

    (a)    A consumer who fails to make a timely rental payment may reinstate the rental-purchase agreement, without losing any rights or options that exist under the rental-purchase agreement, if within 5 days of the renewal date, for a consumer who renews on a monthly basis, or within 2 days of the renewal date, for a consumer […]