§ 6-13-14 - Automatic lease renewal – Notice required. - Rhode Island Statutes

SECTION 6-13-14

   § 6-13-14  Automatic lease renewal –Notice required. – (a) For purposes of this section, "automatic lease renewal" means a provisionin a written lease of personal property providing that, unless the lessee giveswritten notice to the contrary, the lease shall be automatically renewed for anadditional term at the end of the initial lease term or at the end of anysubsequent lease term.

   (b) Subject to the exclusions stated in subsection (d) ofthis section, every lessor of personal property under a written leasecontaining an automatic lease renewal shall give written notice to the lesseenot more than ninety (90) nor less than forty-five (45) days prior to theexpiration of the lease term. The notice shall state the date upon which thelease term will expire and shall advise the lessee that the lease will beautomatically renewed unless the lessee gives written notice to the contrary.

   (c) In the event that the lessor fails to give notice asrequired by subsection (b) of this section, the automatic lease renewal shallbe voidable at the option of the lessee.

   (d) This section shall not apply to any lease having a termof less than one year. This section shall not apply to any lease wherein thefair market value of the property being leased exceeds one hundred thousanddollars ($100,000) on the date the lease is executed.