A. For each lease-purchase agreement, the lessor shall disclose in theagreement the following items, as applicable:
1. The total number, total amount and timing of all payments necessary toacquire ownership of the property;
2. A statement that the consumer will not own the property until the consumerhas made the total payment necessary to acquire ownership;
3. A statement that the consumer is responsible for the fair market value ofthe property if, and as of the time, it is lost, stolen, damaged, ordestroyed;
4. A brief description of the leased property, sufficient to identify theproperty to the consumer and the lessor, including an identification number,if applicable, and a statement indicating whether the property is new orused, but a statement that indicates new property is used is not a violationof this chapter;
5. A brief description of any damages to the leased property;
6. A statement of the cash price of the property. Where the agreementinvolves a lease of five or more items as a set, in one agreement, astatement of the aggregate cash price of all items shall satisfy thisrequirement;
7. The total of initial payments paid or required at or before consummationof the agreement or delivery of the property, whichever is later;
8. A statement that the total of payments does not include other charges,such as late payment, default, pickup, and reinstatement fees, which feesshall be separately disclosed in the contract;
9. A statement clearly summarizing the terms of the consumer's option topurchase, including a statement that the consumer has the right to exercisean early purchase option and the price, formula or method for determining theprice at which the property may be so purchased;
10. A statement identifying the party responsible for maintaining orservicing the property while it is being leased, together with a descriptionof that responsibility, and a statement that if any part of a manufacturer'sexpress warranty covers the lease property at the time the consumer acquiresownership of the property, it shall be transferred to the consumer, ifallowed by the terms of the warranty;
11. The date of the transaction and the identities of the lessor and consumer;
12. A statement that the consumer may terminate the agreement without penaltyby voluntarily surrendering or returning the property in good repair uponexpiration of any lease term along with any past due rental payments; and
13. Notice of the right to reinstate an agreement as herein provided.
B. With respect to matters specifically governed by the Federal ConsumerCredit Protection Act, compliance with such Act satisfies the requirements ofthis section.
A. For each lease-purchase agreement, the lessor shall disclose in theagreement the following items, as applicable:
1. The total number, total amount and timing of all payments necessary toacquire ownership of the property;
2. A statement that the consumer will not own the property until the consumerhas made the total payment necessary to acquire ownership;
3. A statement that the consumer is responsible for the fair market value ofthe property if, and as of the time, it is lost, stolen, damaged, ordestroyed;
4. A brief description of the leased property, sufficient to identify theproperty to the consumer and the lessor, including an identification number,if applicable, and a statement indicating whether the property is new orused, but a statement that indicates new property is used is not a violationof this chapter;
5. A brief description of any damages to the leased property;
6. A statement of the cash price of the property. Where the agreementinvolves a lease of five or more items as a set, in one agreement, astatement of the aggregate cash price of all items shall satisfy thisrequirement;
7. The total of initial payments paid or required at or before consummationof the agreement or delivery of the property, whichever is later;
8. A statement that the total of payments does not include other charges,such as late payment, default, pickup, and reinstatement fees, which feesshall be separately disclosed in the contract;
9. A statement clearly summarizing the terms of the consumer's option topurchase, including a statement that the consumer has the right to exercisean early purchase option and the price, formula or method for determining theprice at which the property may be so purchased;
10. A statement identifying the party responsible for maintaining orservicing the property while it is being leased, together with a descriptionof that responsibility, and a statement that if any part of a manufacturer'sexpress warranty covers the lease property at the time the consumer acquiresownership of the property, it shall be transferred to the consumer, ifallowed by the terms of the warranty;
11. The date of the transaction and the identities of the lessor and consumer;
12. A statement that the consumer may terminate the agreement without penaltyby voluntarily surrendering or returning the property in good repair uponexpiration of any lease term along with any past due rental payments; and
13. Notice of the right to reinstate an agreement as herein provided.
B. With respect to matters specifically governed by the Federal ConsumerCredit Protection Act, compliance with such Act satisfies the requirements ofthis section.
A. For each lease-purchase agreement, the lessor shall disclose in theagreement the following items, as applicable:
1. The total number, total amount and timing of all payments necessary toacquire ownership of the property;
2. A statement that the consumer will not own the property until the consumerhas made the total payment necessary to acquire ownership;
3. A statement that the consumer is responsible for the fair market value ofthe property if, and as of the time, it is lost, stolen, damaged, ordestroyed;
4. A brief description of the leased property, sufficient to identify theproperty to the consumer and the lessor, including an identification number,if applicable, and a statement indicating whether the property is new orused, but a statement that indicates new property is used is not a violationof this chapter;
5. A brief description of any damages to the leased property;
6. A statement of the cash price of the property. Where the agreementinvolves a lease of five or more items as a set, in one agreement, astatement of the aggregate cash price of all items shall satisfy thisrequirement;
7. The total of initial payments paid or required at or before consummationof the agreement or delivery of the property, whichever is later;
8. A statement that the total of payments does not include other charges,such as late payment, default, pickup, and reinstatement fees, which feesshall be separately disclosed in the contract;
9. A statement clearly summarizing the terms of the consumer's option topurchase, including a statement that the consumer has the right to exercisean early purchase option and the price, formula or method for determining theprice at which the property may be so purchased;
10. A statement identifying the party responsible for maintaining orservicing the property while it is being leased, together with a descriptionof that responsibility, and a statement that if any part of a manufacturer'sexpress warranty covers the lease property at the time the consumer acquiresownership of the property, it shall be transferred to the consumer, ifallowed by the terms of the warranty;
11. The date of the transaction and the identities of the lessor and consumer;
12. A statement that the consumer may terminate the agreement without penaltyby voluntarily surrendering or returning the property in good repair uponexpiration of any lease term along with any past due rental payments; and
13. Notice of the right to reinstate an agreement as herein provided.
B. With respect to matters specifically governed by the Federal ConsumerCredit Protection Act, compliance with such Act satisfies the requirements ofthis section.
