§481M-14  Information required in
disclosure.  (a)  For each lease-purchase agreement, the lessor shall
disclose in the agreement the following items, as applicable:



(1)  The total number, total amount, and timing of all
payments necessary to acquire ownership of the property;



(2)  A statement that the lessee shall not own the
property until the lessee has made the total payment necessary to acquire
ownership;



(3)  A statement that the lessee shall be responsible
for the fair market value of the property if, and as of the time, it is lost,
stolen, damaged, or destroyed;



(4)  A brief description of the leased property
sufficient to identify the property to the lessee and the lessor, including an
identification number, if applicable, and a statement indicating whether the
property is new or used; provided that a statement that indicates that new
property is used property does not violate this chapter;



(5)  A brief description of any damages to the leased
property;



(6)  A statement of the cash price of the property. 
If the agreement involves a lease of two or more items as a set in one
agreement, a statement of the aggregate cash price of all items is sufficient;



(7)  The total of initial payments made or required at
or before consummation of the agreement or delivery of the property, whichever
is later;



(8)  A statement that the total of payments shall not
include other charges, such as delivery, taxes, late payment, pickup, and
reinstatement fees, which fees shall be separately disclosed in the agreement;



(9)  A statement clearly summarizing the terms of the
lessee's option to purchase, including a statement that the lessee has the
right to exercise an early-purchase option and the price, formula, or method
for determining the price at which the property may be so purchased;



(10)  A statement identifying the party responsible for
maintaining or servicing the property while it is being leased, together with a
description of that responsibility, and a statement that if any part of a
manufacturer's express warranty covers the leased property at the time the
lessee acquires ownership of the property, the warranty shall be transferred to
the lessee, if allowed by the terms of the warranty;



(11)  The date of the transaction and the identities of
the lessor and lessee;



(12)  A statement that the lessee may terminate the
agreement without penalty by voluntarily surrendering or returning the property
in good repair, ordinary wear and tear excepted, upon expiration of any lease
term along with any past due rental payments; and



(13)  Notice of the right to reinstate an agreement as
provided in this chapter.



(b)  In addition to the disclosures required
pursuant to this section, the lessor shall also make the following disclosure:



NOTICE TO
LESSEE--READ BEFORE SIGNING



(1)  DO NOT SIGN THIS BEFORE YOU READ THE ENTIRE
AGREEMENT INCLUDING ANY WRITING ON THE REVERSE SIDE, EVEN IF OTHERWISE ADVISED.



(2)  DO NOT SIGN THIS IF IT CONTAINS ANY BLANK SPACES.



(3)  YOU ARE ENTITLED TO AN EXACT COPY OF ANY
AGREEMENT YOU SIGN.



(4)  YOU HAVE THE RIGHT TO EXERCISE ANY EARLY BUY-OUT
OPTION AS PROVIDED IN THIS AGREEMENT.  EXERCISE OF THIS OPTION MAY RESULT IN A
REDUCTION OF YOUR TOTAL COST TO ACQUIRE OWNERSHIP UNDER THIS AGREEMENT.



(5)  IF YOU ELECT TO MAKE WEEKLY RATHER THAN MONTHLY
PAYMENTS AND EXERCISE YOUR PURCHASE OPTION, YOU MAY PAY MORE FOR THE LEASED
PROPERTY.



(c)  With respect to matters specifically
governed by the federal Consumer Credit Protection Act (15 U.S.C. sections 1601
to 1674), compliance with that Act satisfies the requirements of this section.
[L 1997, c 248, pt of §1; am L 2008, c 19, §34]