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TITLE 15 - CHAPTER 41 - SUBCHAPTER I

Part E - Consumer Leases

Consumer Leases Act

Summary:

Parts of this act includes: The lessor must disclose certain terms; some of the terms include: terms regarding payments, including: initial payment, required amount of each payment, payment due date(s), number of payments. It also requires terms (in writing) for the the above as well as security deposit amount (if applicable) and any/all additional fees (example: any taxes, license, and/or administrative fees). There must also be terms set (in writing) for any penalty charges or fees (late payment fees/default fees). Any and all warranties must be expressed, information must be supplied for product's maintenance and/or service. They must also disclose early termination rights and/or fees, as well as the customer's liability (if any) for the difference between the estimated value of the property and its value to the lessor at early termination or at the end of the lease.

This bill also limits penalties for delinquency, defaulting or early termination, to amounts which are reasonable depending on the anticipated or actual harm caused by the delinquency, default or early termination.

Subsection:

1667 Definitions

1667a Consumer lease disclosures

1667b Lessee’s liability on expiration or termination of lease

1667c Consumer lease advertising; liability of advertising media

1667d Civil liability of lessors

1667e Applicability of State laws; exemptions by Board from leasing requirements

1667f Regulations