Section 12-1107 – Receipts
(a) A lessor shall provide the consumer with a written receipt for each payment under a rental–purchase agreement made in person by cash or money order, or, if the payment is made in any other form, on request. (b) The written receipt shall contain the: (1) Total amount paid; (2) Total amount due that week or month; and (3) Total […]
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 […]
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 […]