§ 4-92-101. Title

This chapter shall be known and may be cited as the “Rental Purchase Act”.

§ 4-92-102. Definitions

As used in this chapter, unless the context otherwise requires: (1) “Advertisement” means a commercial message in any medium that directly or indirectly promotes or assists a rental-purchase agreement, except for in-store merchandising aids; (2) “Consumer” means a person who leases personal property under a rental-purchase agreement; (3) “Merchandise” means the personal property that is […]

§ 4-92-103. Liability of lessor

(a) A consumer damaged by a violation of this chapter by a lessor is entitled to recover from the lessor: (1) Actual damages; (2) Twenty-five percent (25%) of an amount equal to the total amount of payments required to obtain ownership of the merchandise involved. However, the amount recovered under this subdivision (a)(2) may not […]

§ 4-92-104. Agreement — Nature

An agreement which conforms with the definition as set forth in § 4-92-102(7) shall be a true lease and shall not constitute a credit sale, retail installment contract, agreement, obligation, or any other type of credit sale financing device, nor shall it create a security interest as that term is defined in § 4-1-201(b)(35). Until […]

§ 4-92-105. Agreement — Provisions prohibited and required

(a) A rental-purchase agreement shall not contain a provision: (1) Requiring a confession of judgment; (2) Authorizing a merchant or agent of the merchant to commit a breach of the peace while repossessing merchandise; (3) Waiving a defense, counterclaim, or right the consumer may have against the merchant or an agent of the merchant; or […]

§ 4-92-106. Agreement — Reinstatement

(a) A consumer who fails to make a timely rental payment may reinstate an agreement without losing any rights or options previously acquired by either paying all rental and other charges due or returning the merchandise to the lessor within five (5) business days from the date of the last scheduled rental payment if the […]

§ 4-92-107. Advertisements

Any advertisement for a rental-purchase agreement must clearly and conspicuously state that the advertised transaction is a rental-purchase transaction.

§ 4-92-108. Personal property — Repossessed rental merchandise

(a) This section applies when merchandise becomes attached to the personal property of the consumer that is subject to a perfected lien of a secured creditor while the merchandise is being leased from a lessor under a rental-purchase agreement. (b) (1) If a secured creditor has a security interest in the personal property of a […]