§ 5-10-402 — Form requirements

(1) The information required by this part 4:

(a) Shall be disclosed in writing in a rental purchase agreement;

(b) Shall be set forth clearly and conspicuously, in not less than eight point
standard type;

(c) Shall be set apart and not contain any information not directly related to
the disclosures;

(d) Shall be stated using words and phrases of common meaning;

(e) Need not be contained in a single writing or made in the order set forth in
this part 4; and

(f) May be supplemented by additional information or explanations supplied
by the lessor, so long as the additional information is not stated, utilized, or placed
in a manner which will confuse the lessee or contradict, obscure, or distract
attention from the required information. The additional information or explanations
shall not have the effect of circumventing, evading, or unduly complicating the
information required to be disclosed.

(2) The lessor shall disclose all information required by this part 4 before the
rental purchase agreement is consummated.

(3) Before any payment is due, the lessor shall furnish the lessee with an
exact copy of the rental purchase agreement, which shall be signed by the lessee
and which shall evidence the lessee's agreement. If there is more than one lessee in
a rental purchase agreement, delivery of a copy of the rental purchase agreement
to one of the lessees constitutes compliance with this subsection (3).

Legislative History

Source: L. 90: Entire article added, p. 370, � 1, effective January 1, 1991.