RSA 358-P:4 · Disclosures

358-P:4 Disclosures. – For each rent-to-own agreement, the rent-to-own dealer shall disclose in the agreement the following items, as applicable:

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I.

Whether the periodic payment is weekly, monthly or otherwise, the dollar amount of each payment, and the total number and total dollar amount of all periodic payments necessary to acquire ownership of the property.

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II.

A statement that the consumer will not own the property until the consumer has made the total payment necessary to acquire ownership.

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III.

A statement advising the consumer whether the consumer is liable for loss or damage to the property, and, if so, a statement that such liability will not exceed the fair market value of the property as of the time it is lost or damaged.

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IV.

A brief description of the rented property, sufficient to identify the property to the consumer and the rent-to-own dealer, including an identification number, if applicable, and a statement indicating whether the property is new or used, but a statement that indicates new property is used is not a violation of this chapter.

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V.

A statement of the cash price of the property; however, where one agreement involves the rent of 2 or more items as a set, a statement of the aggregate cash price of all items shall satisfy this requirement. The statement shall also include the following disclosure: "If you want to purchase this or similar property now, you should consider cash or credit terms that might be available to you."

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VI.

The total of initial payments paid or required at or before consummation of the agreement or delivery of the property, whichever is later.

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VII.

A statement that the total of payments does not include other charges, such as late payment, default, pickup and reinstatement fees, which fees shall be separately disclosed in the contract.

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VIII.

A statement clearly summarizing the terms of the consumer's option to purchase, including a statement that the consumer has the right to exercise an early purchase option and the price, formula or method for determining the price at which the property may be so purchased.

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IX.

A statement identifying the party responsible for maintaining or servicing the property while it is being rented, together with a description of that responsibility, and a statement that if any part of a manufacturer's express warranty covers the rental property at the time the consumer acquires ownership of the property, it shall be transferred to the consumer, if allowed by the terms of the warranty.

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X.

The date of the transaction and the identities of the rent-to-own dealer and consumer.

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XI.

A statement that the consumer may terminate the agreement without penalty by voluntarily surrendering or returning the property in good repair, reasonable wear and tear excepted, upon expiration of any rental term along with any past due rental payments.

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XII.

Notice of the right to reinstate an agreement as provided in RSA 358-P:8. Source. 1994, 406:1, eff. Jan. 1, 1995.

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