Section 8-25-1 Definitions. As used in this chapter, the following words and phrases shall have the following meanings ascribed to them, unless the context clearly indicates otherwise: (1) ADVERTISEMENT. A commercial message in any medium that directly or indirectly promotes or assists a rental-purchase agreement, except for instore merchandising aids. (2) CONSUMER. An individual who […]
Section 8-25-2 Disclosures by merchant to consumer; inaccuracy due to acts, etc., after delivery; form of disclosure. (a) The merchant shall disclose to the consumer the information required by this title. In a transaction involving more than one consumer, the merchant need disclose to only one of the consumers who are primarily obligated. In a […]
Section 8-25-3 Prohibited provisions. 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 […]
Section 8-25-4 Reinstatement of agreement after failure to make timely payment. A consumer who fails to make a timely rental payment may reinstate an agreement without losing any rights or options previously acquired, by taking the required action within five days if the consumer pays monthly or within two days if the consumer pays more […]
Section 8-25-5 Required provisions in advertisements. An advertisement for a rental-purchase agreement that states the amount of a payment or the right to acquire ownership of any one particular item under the agreement must clearly and conspicuously state: (1) That the transaction advertised is a rental-purchase agreement and (2) The total amount and the number […]
Section 8-25-6 Damages and fees recoverable for violations of chapter; nonliability where merchant discovers error, gives notice, and makes adjustments. (a) A consumer damaged by a violation of this chapter by a merchant is entitled to recover from the merchant: (1) Actual damages; (2) Twenty-five percent of an amount equal to the total amount of […]
