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 12-1111.1 – Sample Forms on Web Site
The Attorney General’s Web site shall include the sample forms in § 12–1111 of this subtitle.
Section 12-1112 – Short Title
This subtitle may be cited as the Maryland Rental-Purchase Agreement Act.
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 […]
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 […]