Arkansas § 4-92-105 Agreement - Provisions prohibited and required

Arkansas Statutes

§ 4-92-105 — Agreement - Provisions prohibited and required

(a)A rental-purchase agreement shall not contain a provision:

(1)Requiring a confession of judgment;

(2)Authorizing a merchant or agent of the merchant to commit a breach of the peace while repossessing merchandise;

(3)Waiving a defense, counterclaim, or right the consumer may have against the merchant or an agent of the merchant; or (4) Requiring the purchase of insurance from the merchant to cover the merchandise.

(b)A rental-purchase agreement must disclose:

(1)Whether the merchandise is new or used;

(2)The amount and timing of regular rental payments;

(3)The total number of payments necessary and the total amount to be paid to acquire ownership;

(4)The amounts and purpose of any other payment, charge, or fee in addition to the regular periodic rental payment;

(5)That the cons

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(a) A rental-purchase agreement shall not contain a provision: (1) Requiring a confession of judgment; (2) Authorizing a merchant or agent of the merchant to commit a breach of the peace while repossessing merchandise; (3) Waiving a defense, counterclaim, or right the consumer may have against the merchant or an agent of the merchant; or (4) Requiring the purchase of insurance from the merchant to cover the merchandise. (b) A rental-purchase agreement must disclose: (1) Whether the merchandise is new or used; (2) The amount and timing of regular rental payments; (3) The total number of payments necessary and the total amount to be paid to acquire ownership; (4) The amounts and purpose of any other payment, charge, or fee in addition to the regular periodic rental payment; (5) That the consumer does not acquire any ownership rights until the consumer has complied with the ownership terms of the agreement; (6) Whether the consumer is liable for loss or damage to the merchandise, and if so, the maximum amount for which the consumer may be held liable; and (7) Notice of the right to reinstate an agreement as provided in § 4-92-106(a) .

Arkansas § 4-92-105 (Agreement - Provisions prohibited and required) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.