13-52-204. Contents of disclosure statement for system lease agreement.
183 words·~1 min read·
/ut/title-13/chapter-52/13-52-204A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 5/8/2018
13-52-204. Contents of disclosure statement for system lease agreement.
If a solar retailer is proposing to enter a system lease agreement with a potential customer, the disclosure statement required in Subsection 13-52-201(1) shall include:
(1)a statement with substantially the following form and content: "You are entering an agreement to lease an energy generation system. You will lease (not own) the system installed on your property. You will not be entitled to any federal tax credit associated with the lease.";
(2)information about whether the system lease agreement may be transferred to a purchaser of the home or real property where the system is located and, if so, any conditions for a transfer;
(3)if the solar retailer will not obtain insurance against damage or loss to the system, a statement to that effect and a description of the consequences to the customer if there is damage or loss to the system; and
(4)information about what will happen to the system at the end of the term of the system lease agreement.
Enacted by Chapter 290 , 2018 General Session