US Lawyer Database

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 […]

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 […]