Duties of retail lessor
Sec. 8. A retail lessor shall do the following:
(1) Comply with the requirements of Regulation M (12 CFR
213) for disclosure of gross capitalized cost, capitalized cost
reduction, and adjusted capitalized cost adopted under the
federal Truth in Lending Act (15 U.S.C. 1601 et seq.).
(2) Disclose to a retail lessee in a separate blocked section in a
lease agreement, in capital letters of at least 10 point bold type
the following:
THIS IS A LEASE AGREEMENT.
THIS IS NOT A PURCHASE AGREEMENT.
PLEASE REVIEW THESE MATTERS CAREFULLY AND
SEEK INDEPENDENT PROFESSIONAL ADVICE IF YOU
HAVE ANY QUESTIONS CONCERNING THIS
TRANSACTION. YOU ARE ENTITLED TO AN EXACT
COPY OF THE AGREEMENT YOU SIGN.
(3) Provide the retail lessee with a copy of each document
signed by the retail lessee during the course of a lease
transaction.
As added by P.L.86-1996, SEC.8. Amended by P.L.74-1998, SEC.1.
Last modified: May 27, 2006