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.
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 […]