30-19-115. Advertisement of rental-purchase agreement
30-19-115. Advertisement of rental-purchase agreement. (1) An advertisement for an agreement that refers to or states the monetary amount of any payment and the right to acquire ownership of property must clearly and conspicuously state: (a) that the transaction advertised is a rental-purchase agreement; (b) the total payments necessary to acquire ownership of any specific item; and (c) that […]
30-19-116. Enforcement — bona fide errors
30-19-116. Enforcement — bona fide errors. (1) Except when inconsistent with the provisions of this part, a violation of this part is a violation of Title 30, chapter 14, part 1. (2) (a) A lessor may not be held liable for a violation of the provisions of this part if the lessor proves by a preponderance of evidence […]
30-19-110. Information required in disclosure
30-19-110. Information required in disclosure. For each rental-purchase agreement, the lessor shall disclose the following items in the agreement: (1) the total number, the amount, and the timing of all rental payments necessary to acquire ownership of the property; (2) a statement that the consumer will not have an ownership interest in the property until the consumer has […]
30-19-111. Provisions prohibited in agreements
30-19-111. Provisions prohibited in agreements. 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 property interest in any property except the property delivered by the lessor pursuant to the rental-purchase agreement; (4) a wage assignment; (5) a waiver of claims or defenses by the consumer; and […]
30-19-112. Reinstatement of agreement — repossession
30-19-112. Reinstatement of agreement — repossession. (1) A consumer who fails to make a timely rent payment may reinstate the agreement, without losing any rights or options that existed in the original agreement, by paying: (a) all past-due rent payments; (b) the next rent payment; (c) reasonable pickup and redelivery costs if the property was picked up by the […]
30-19-113. Written receipt for cash or money order
30-19-113. Written receipt for cash or money order. A lessor shall provide the consumer, at the consumer’s request, a written receipt for any payment made by cash or money order. History: En. Sec. 9, Ch. 263, L. 2001.
30-19-114. Renegotiation of rental-purchase agreement — extension not considered renegotiation
30-19-114. Renegotiation of rental-purchase agreement — extension not considered renegotiation. (1) A renegotiation of an agreement must occur when an existing agreement is satisfied and replaced by a new agreement between the lessor and the consumer. A renegotiation is considered a new agreement and requires new disclosures as provided for in 30-19-110. The following events may […]
30-19-102. Purpose
30-19-102. Purpose. (1) The legislature finds that the rental-purchase industry is unique in its structure of providing a service to Montana consumers, in that the business transaction involved is not a credit transaction, does not create a debt or a security interest, and is not a simple rental or lease. As a result, rental-purchase agreements deserve […]
30-19-103. Definitions
30-19-103. Definitions. As used in this part, the following definitions apply: (1) ”Advertisement” means a commercial message in any medium that aids, promotes, or assists, directly or indirectly, a rental-purchase agreement but does not include price tags, window signs, or other in-store merchandising aids. (2) ”Cash price” means the price at which the lessor would have sold the […]
30-19-104. Exemptions of applicability
30-19-104. Exemptions of applicability. (1) The provisions of this part are not subject to laws relating to: (a) retail installment sales contracts as defined in 31-1-202; (b) security interests regulated by the provisions of Title 30, chapters 1 through 9A; (c) leases regulated by the provisions of Title 30, chapter 2A; (d) personal solicitation sales defined in 30-14-502; and (e) interest […]