407.662. Rental-purchase agreements, in writing — prohibited provisions — required provisions.
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/mo/chapter-407/407-662A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
407.662. Rental-purchase agreements, in writing — prohibited provisions — required provisions. — 1. A rental-purchase agreement shall be in the form of a written statement and shall constitute the entire agreement between the merchant and consumer. All amounts shall be stated in numerical figures.
2. A rental-purchase agreement may not contain a provision:
(1)Requiring a confession of judgment;
(2)Authorizing a merchant or an agent of the merchant to commit a breach of the peace in the repossession of merchandise;
(3)Waiving a defense, counterclaim, or right the consumer may have against the merchant or an agent of the merchant;
(4)Requiring the purchase of insurance from the merchant to cover the merchandise;
(5)Requiring the payment of a late charge greater than five dollars for each payment in default;
(6)Requiring a payment at the end of the scheduled rental-purchase term in excess of, or in addition to, a regular periodic payment in order to acquire ownership of the merchandise; or
(7)Requiring the consumer to pay rental payments greater than the total amount to be paid to acquire ownership.
3. A rental-purchase agreement must disclose in 10-point boldface type:
(1)Whether the merchandise is new or used;
(2)The cash price of the merchandise;
(3)The total amount and number of payments necessary to acquire ownership of the merchandise;
(4)The amount and timing of payments;
(5)That the consumer does not acquire ownership rights in the merchandise until all payments have been made under the ownership terms of the agreement;
(6)The amount and purpose of any payment, charge, or fee in addition to the regular periodic payments;
(7)Whether the consumer is liable for loss or damage to the merchandise, provided that the consumer's liability for loss or damage to the merchandise shall be no greater than the disclosed cash price plus any costs allowed by law;
(8)A statement of the conditions under which the lessee may terminate the lease;
(9)A statement of whether any part of a manufacturer's warranty continues to cover the rental property at the time the consumer assumes ownership of the property;
(10)Notice of the right to reinstate an agreement; and
(11)A statement of the reinstatement rights provided for in section 407.664 .
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(L. 1988 H.B. 988)