State Codes and Statutes

Statutes > Connecticut > Title42 > Chap743aa > Sec42-392

      Sec. 42-392. Time of consummation. Expiration. Termination. (a) Consummation of a consumer lease occurs when the lessee signs a record evidencing the lessee's contractual obligation under the lease. A lessee may consummate a consumer lease even if it is subject to subsequent credit or other approval by the lessor or an assignee of the lessor.

      (b) Expiration of a consumer lease occurs at the scheduled end of the period covered by the lease.

      (c) Termination of a consumer lease occurs when the lessee's right to continued possession and use of the goods ends by virtue of:

      (1) Expiration of the lease;

      (2) Election by one of the parties to terminate before expiration, as provided in the lease; or

      (3) Agreement of the parties.

      (P.A. 02-81, S. 3.)

      History: P.A. 02-81 effective July 1, 2003.