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 12-1101 – Definitions

    (a)    In this subtitle the following words have the meanings indicated.     (b)    (1)    “Advertisement” means a commercial message in any medium that aids, promotes, or assists, directly or indirectly, a rental–purchase agreement.         (2)    “Advertisement” does not include in–store merchandising ads.     (c)    “Cash price” means the price at which the lessor would have sold rental property covered by a rental–purchase agreement […]

Section 12-1102 – Effect and Applicability of Subtitle

    (a)    A rental-purchase agreement that complies with this subtitle may not be deemed to be:         (1)    A “retail sale”, as defined in § 12-601(s) of this title;         (2)    An “installment sale agreement”, as defined in § 12-601(m) of this title; or         (3)    A “security interest”, as defined in § 1-201(37) of this article.     (b)    This subtitle does not apply to: […]

Section 12-1103 – Disclosures — in General

    (a)    (1)    A lessor shall disclose to a consumer the information required under this subtitle.         (2)    In a transaction involving more than 1 lessor, only 1 lessor need make the disclosures required under this subtitle, but all lessors shall be bound by the disclosures made.     (b)    A lessor shall make the disclosures required under this subtitle before consummation of […]