Sec. 20.
The following form is an example of the form which may be used to satisfy the requirements of this act:
| RENTAL-PURCHASE AGREEMENT |
| 1. Lessor(s) Lessee(s) |
| __________________________ ___________________________ |
| __________________________ ___________________________ |
| __________________________ ___________________________ |
| 2. Description of Leased Property: |
| Item Quantity Serial # Mfg. Model New/Previously Rented |
| ____________________________________________________________________ |
| ____________________________________________________________________ |
| ____________________________________________________________________ |
| 3. Total Payment Due at Beginning of Contract: |
| Advance Payment of $_____ |
| Delivery Charge $_____ |
| Use Taxes $_____ |
| Other $_____ (please specify). |
| Total $_____ |
| 4. Term and cost of the lease (monthly/weekly) |
| The first monthly/weekly payment of $_____ is due on _____. |
| Other regular payments of $_____ on the _____ of month/week |
| thereafter. |
| Total number of monthly/weekly payments _____. |
| Total amount of all other charges $_____ (please specify). |
| Sum total of all payments $_____. |
| 5. Periodic Payment: |
| You may renew the lease weekly or monthly as you choose. |
| The weekly rental would be $_____. |
| The monthly rental would be $_____. |
| 6. For a charge of $_____ per payment, we can pick up the payment |
| at your home. |
| Sign here if you want this service __________. |
| 7. Liability: |
| 8. Maintenance: |
| We will maintain the leased property in good working condition |
| during the term of the lease and will provide all necessary |
| service and repair (specify if in home or in store) if you |
| notify us by phone or mail that service is needed. We are not |
| responsible for maintenance done by anyone other than us. |
| 9. Termination and Default: |
| You may terminate this lease at the end of any weekly/monthly |
| term without paying any charges other than those previously due. |
| We may terminate this lease for a default in payment or breach |
| of any other material term of the lease. If a termination |
| occurs, we shall be entitled to all rental payments up to the |
| date of termination and the expenses of repossessing the |
| property if you fail to surrender it to us. |
| 10. Reinstatement: |
| If you miss a payment, you may reinstate this contract within 7 |
| days after the payment due date without losing any rights or |
| options previously acquired. The time to reinstate will be |
| extended to 90 days after the payment due date if you return |
| or voluntarily surrender the property, other than through |
| judicial process, within 7 days after the payment due date. To |
| reinstate, you must pay the past due payment and any applicable |
| late fee. The late fee will not exceed the greater of $10.00 or |
| 5% of the payment that is past due. However, if the payment is |
| due monthly or less frequently, we will not charge a late fee |
| unless the payment is more than 5 days past due. If the payment |
| is due more frequently than monthly, we will not charge a late |
| fee unless the payment is more than 2 days past due. Also, we may |
| charge a delivery fee that is not more than the original |
| delivery fee, if we must redeliver the property. |
| 11. Purchase Option: |
| You may purchase the property leased to you under this contract |
| for the cash price minus 45% of all periodic payments made. |
| The property leased under this contract would cost $_____ if |
| purchased rather than leased. |
| 12. Warranty: |
| A manufacturer's warranty on the property leased under this |
| contract shall be passed on to the lessee if the lessee |
| purchases the property. |
| 13. Notice: |
| This agreement is regulated by state law enforceable by the |
| attorney general or by private legal action. |
| I have read the above statement before signing this agreement. |
| Date:__________________________ Lessee:__________________________ |
| Date:__________________________ Lessee:__________________________ |
History: 1984, Act 424, Eff. Mar. 29, 1985 ;-- Am. 2012, Act 584, Imd. Eff. Jan. 3, 2013
Last modified: October 10, 2016