§11-114. Consumer's right to acquire ownership when 50% of payments equals cash price
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/me/title-9-a-maine-consumer-credit-code/11-114·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. The total number of rental payments necessary to acquire ownership of the property under any rental-purchase agreement may not exceed 2 times the cash price of the property. When 50% of all rental payments made by a consumer equals the cash price of the property disclosed to the consumer pursuant to section 11‑108, subsection 1, paragraph E , the consumer acquires ownership of the property and the rental-purchase agreement terminates.
[PL 1991, c. 787 (NEW).]
2. At any time after tendering an initial lease payment, a consumer may acquire ownership of the property that is the subject of the rental-purchase agreement by tendering an amount equal to the amount by which the cash price of the rented property exceeds 50% of all rental payments made by the consumer.
[PL 1991, c. 787 (NEW).]
3. It is not a violation of this section for the merchant and the consumer to agree in writing to allow the consumer to acquire ownership of the property for a lesser amount than the maximum limits set forth in subsections 1 and 2 .
[PL 1991, c. 787 (NEW).]