15-8-10. Renegotiations and extensions. (1) A renegotiation shall occur when an existing rental purchase agreement is satisfied and replaced by a new agreement entered into by the same lessor and consumer. A renegotiation shall be considered a new agreement requiring new disclosures. However, events such as the following may not be treated as renegotiations: (a) […]
15-8-11. Enforcement — Penalties. (1) (a) A lessor who fails to comply with the requirements of this chapter is liable to a consumer in an amount equal to the greater of: (i) the actual damages sustained by the consumer as a result of the lessor’s failure to comply with this chapter; or (ii) 25% of […]
15-8-12. Lessor’s defenses. (1) If a lessor established by a preponderance of evidence that a violation of this chapter is unintentional or the result of a bona fide error, no penalty specified in Section 15-8-11 may be imposed and the validity of the transaction is not affected. (2) A lessor has no liability under this […]
15-8-2. Purpose — Rules of construction. (1) This chapter shall be liberally construed and applied to promote its underlying purposes and policies. (2) The underlying purposes and policies of this chapter are to: (a) define, simplify, and clarify the law governing consumer rental purchase agreements; (b) provide certain disclosures to consumers who enter into consumer […]
Effective 5/13/2014 15-8-4. Inapplicability of other laws — Exempted transactions. (1) Rental purchase agreements that comply with this chapter are not governed by the laws relating to: (a) a security interest as defined in Subsection 70A-1a-201(2)(ii); or (b)Title 70C, Utah Consumer Credit Code, except that Sections 70C-7-102 through 70C-7-104 and 70C-2-205 shall apply to lessors […]
15-8-5. General requirements of disclosure. (1) A lessor shall disclose to a consumer the information required by this chapter. In a transaction involving more than one lessor, only one lessor needs to make the disclosures, but all lessors shall be bound by the disclosures. (2) The disclosures shall be made at or before consummation of […]
15-8-6. Disclosures. (1) For each rental purchase agreement, the lessor shall disclose in the agreement the following items, as applicable: (a) the total number, total dollar amount, and timing of all payments necessary to acquire ownership of the property; (b) a statement that the consumer will not own the property until the consumer has made […]
15-8-7. Prohibited practices. A rental purchase agreement may not contain: (1) a confession of judgment; (2) a negotiable instrument; (3) a claim of a property interest in any goods except those goods delivered by the lessor pursuant to the rental purchase agreement; (4) a wage assignment; (5) a waiver by the consumer of claims or […]
15-8-8. Reinstatement. (1) (a) A consumer who fails to make a timely rental payment may reinstate the agreement, without losing any rights or options that exist under the agreement, by paying: (i) all past due rental charges; (ii) reasonable costs of pickup and redelivery if the consumer reinstates after lessor has been required to pick […]
15-8-9. Receipts and accounts. A lessor shall, upon request by the consumer, provide a written receipt for each payment made by cash or money order. Enacted by Chapter 251, 1993 General Session
