RSA 358-P:7 · Prohibited Practices

358-P:7 Prohibited Practices. –

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I.

A rent-to-own agreement shall not contain:

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(a)

A confession of judgment.

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(b)

A negotiable instrument.

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(c)

A security interest or any other claim of a property interest in any property of the consumer.

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(d)

A wage assignment.

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(e)

A waiver by the consumer of claims or defenses.

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(f)

A provision authorizing the rent-to-own dealer or a person acting on the rent-to-own dealer's behalf to enter upon the consumer's premises without permission or to commit any breach of the peace in the repossession of property.

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(g)

A provision requiring the purchase of insurance or liability damage waiver for the property that is the subject of the rent-to-own agreement from the rent-to-own dealer or requiring such purchase from a particular vendor. The rent-to-own dealer may, however, require that the consumer purchase insurance or a liability damage waiver for the rental property from a vendor of the consumer's choosing.

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(h)

A provision requiring the consumer to make a payment in addition to regular rental payments in order to acquire ownership of the rental property, or a provision requiring the consumer to make rental payments totaling more than the dollar amount necessary to acquire ownership as disclosed pursuant to RSA 358-P:4.

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(i)

A provision requiring a late charge or reinstatement fee unless a periodic payment is late more than 5 days on a monthly agreement or more than 2 days on an agreement with periodic payments made more frequently than monthly.

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(j)

A provision for a late charge or reinstatement fee in excess of $5.

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(k)

A provision for more than one late charge or reinstatement fee on any one periodic payment regardless of the period of time during which it remains unpaid.

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II.

No rent-to-own dealer shall collect or attempt to collect a debt in an unfair, deceptive or unreasonable manner as defined in RSA 358-C. Source. 1994, 406:1, eff. Jan. 1, 1995.

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