28-36-105 DISCLOSURES. - Idaho Statutes

TITLE 28

COMMERCIAL TRANSACTIONS

CHAPTER 36

IDAHO LEASE-PURCHASE AGREEMENT ACT

PART 1.

POWERS AND FUNCTIONS OF ADMINISTRATORS

28-36-105. Disclosures. (1) For each lease-purchase agreement, the lessor shall disclose in the agreement the following items, as applicable:

(a) The total number, total dollar amount and frequency of all payments necessary to acquire ownership of the property;

(b) A statement that the consumer will not own the property until the consumer has made the total payments necessary to acquire ownership;

(c) A statement that the consumer is responsible to the lessor for the fair market value of the property if, and as of the time, it is lost, stolen, damaged or destroyed;

(d) A brief description of the leased property, sufficient to identify the property to the consumer and the lessor, 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 the provisions of this chapter;

(e) The total amount initially payable or required at or before consummation of the agreement or delivery of the property, whichever is later;

(f) A statement that the total of payments necessary to acquire ownership does not include other charges, such as late payment, default, pickup and reinstatement fees, which fees shall be separately disclosed in the agreement;

(g) A statement clearly summarizing the terms of the consumer’s option to purchase, if any, including a statement regarding whether 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;

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

(i) The consummation date of the agreement and the identities of the lessor and consumer;

(j) A statement that the consumer may terminate the agreement without penalty by voluntarily surrendering or returning the property in good repair upon the renewal date together with any past due rental payments; and

(k) Notice of the right to reinstate an agreement as herein provided.