§ 6905 — Lessee's right to acquire ownership

(a) Limitation on cost of lease services.--The total amount charged by the lessor for the cost of lease services in a rental-purchase transaction shall not exceed the cash price of the property.

(b) Acquisition of ownership.--A rental-purchase agreement must provide that at any time after tendering an initial rental payment, a lessee may acquire ownership of the property that is the subject of the rental-purchase agreement at a price or by a formula or method specified in the rental-purchase agreement.

(c) Chart.--A rental-purchase agreement must be accompanied by a chart showing the amount required to exercise the option to purchase the rented property after each rental payment if rental payments are made as scheduled.

(d) Receipts.--After receiving each rental payment, the lessor shall provide a receipt to the lessee. The receipt shall disclose all of the following:

(1) The rental payment made by the lessee.

(2) The amount of the early purchase option that is applicable after the rental payment made by the lessee.

(3) The dates when the early purchase option price remain valid.

Legislative History

(Oct. 27, 2014, P.L.2896, No.185, eff. 60 days; July 11, 2022, P.L.1536, No.82, eff. 60 days) 2022 Amendment.Act 82 added subsec (d).