Section 91. Each lessor shall give to the lessee prior to the execution of the lease a dated written statement on which the lessor and lessee are identified, setting out accurately and in a clear and conspicuous manner the following information with respect to such lease, as applicable:
(a) a brief description or identification of the leased property, including whether the property is new or used;
(b) the amount of any payment required by the lessee at or before the execution of the lease;
(c) the amount paid or payable by the lessee for fees or taxes;
(d) the amount and description of other charges payable by the lessee and not included in the periodic payments;
(e) a statement of the amount or method of determining the amount of any liabilities the lease imposes upon the lessee at the end of the term of the lease and whether or not the lessee has the option to purchase the leased property and the price at which the leased property may be purchased at the end of the lease, and if an ongoing option to purchase shall exist, the method of determining the purchase price at any point in time;
(f) a 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;
(g) a brief description of insurance provided or paid for by the lessor or required of the lessee, including the types and amounts of the coverages and costs;
(h) a 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 the security interest relates;
(i) the number, amount and due dates or periods of payments under the lease and the total amount of such periodic payments; and
(j) a statement of the conditions under which the lessee or lessor may terminate the lease prior to the end of the term, or that no such right to terminate exists, and the amount or method of determining the amount of any penalty or other charge for delinquency, default, late payments, or early termination.
The disclosures required under this section may be made in the lease contract to be signed by the lessee, or may be made in a separate written document which shall be attached to the lease contract. Any of the information required to be disclosed under this section may be given in the form of estimates where the lessor is not in a position to know the exact information.
Section: Previous 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 NextLast modified: September 11, 2015