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 […]
Section 12-1106.1 – Maintenance of Copy of Rental-Purchase Agreement
A lessor shall maintain a copy of the rental–purchase agreement for 3 years after the final payment on a rental–purchase agreement.