§14A-2-311. Consumer leases.
485 words·~2 min read·
/ok/title-14a-consumer-credit-code/14a-2-311·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
With respect to a consumer lease the lessor shall give to the lessee the following information:
(1)brief description or identification of the personal property leased;
(2)amount of any payment required at the inception of the lease;
(3)amount paid or payable for official fees, registration, certificate of title, or license fees or taxes;
(4)amount of other charges not included in the periodic payments and a brief description of the charges;
(5)brief description of insurance to be provided or paid for by the lessor or required of the lessee, including the types and amounts of the coverages and costs;
(6)number of periodic payments, the amount of each payment, the due date of the first payment, the due dates of subsequent payments or interval between payments, and the total amount payable by the lessee;
(7)statement of the conditions under which the lessee or lessor may terminate the lease prior to the end of the term and the amount or method of determining any penalty or other charge for delinquency, default, late payments or early termination;
(8)statements of the liabilities the lease imposes upon the lessee at the end of the term; whether or not the lessee has the option to purchase the leased property and at what price and time;
that the lessee shall be liable for the differential, if any, between the anticipated fair market value of the leased property and its appraised actual value at the termination of the lease if the lessee has such liability; of the fair market value of the property at the inception of the lease, the aggregate cost of the lease on expiration, and the differential between them, where the lease provides that the lessee shall be liable for the anticipated fair market value of the property on expiration of the lease; that the estimated residual value is a reasonable approximation of the anticipated actual fair market value of the property on lease expiration where the lessee's liability on expiration of the lease is based on the estimated residual value of the property; and that the lessee, if the lease has a residual value provision at its termination, may obtain at his expense a professional appraisal of the leased property by an independent third party agreed to by both parties which shall be final and binding on the parties;
(9)statement identifying all express warranties and guarantees made by the manufacturer or lessor with respect to the leased property and identifying the party responsible for maintaining or servicing the leased property together with a description of the responsibility; and
(10)description of any security interest held or to be retained by the lessor in connection with the lease and a clear identification of the property to which it relates. Added by Laws 1969, c. 352, § 2-311, eff. July 1, 1969. Amended by Laws 1982, c. 335, § 22, operative Oct. 1, 1982.