§ 40-19-107 — Disclosures

(a) For each rental-purchase agreement, the merchant shall
disclose in the agreement the following items as applicable:
(i) Whether the periodic payment is weekly, monthly
or otherwise, the dollar amount of each payment and the total
number and total dollar amount of all periodic payments
necessary to acquire ownership of the property;
(ii) A statement that the consumer will not own the
property until the consumer has paid the total amount necessary
to acquire ownership;
(iii) A statement advising the consumer whether the
consumer is liable for loss or damage to the property, and, if
so, a statement that the liability will not exceed the fair
market value of the property as of the time it is lost or
damaged;
(iv) A statement specifying any insurance required to
be purchased by the consumer to satisfy any liability of the
consumer to the merchant for loss or damage to the property;
(v) A brief description of the property, sufficient
to identify the property to the consumer and the merchant,
including an identification number, if applicable, and a
statement indicating whether the property is new or used;
(vi) A statement of the cash sale price of the
property. Where one (1) agreement involves a lease of two (2)
or more items as a set, a statement of the aggregate cash sale
price of all items shall satisfy this requirement;
(vii) The total amount initially payable or required
at or before consummation of the agreement or delivery of the
property, whichever is later;
(viii) A statement that the total amount of periodic
payments necessary to acquire ownership does not include other
fees. Any other fee shall be separately disclosed in the
agreement along with a statement of the purpose for the fee and
whether it is mandatory or optional;
(ix) A statement clearly summarizing the terms of the
consumer's option to purchase, including a statement that the
consumer has the right to exercise an early purchase option, and
the price, formula or method for determining the price at which
the property may be purchased;
(x) A statement identifying the merchant as the party
responsible for maintaining or servicing the property while it
is being rented, together with a description of that
responsibility, and a statement that if any part of a
manufacturer's express warranty covers the property at the time
the consumer acquires ownership, the warranty shall be
transferred to the consumer if allowed by its terms;
(xi) A statement that the consumer may terminate the
agreement without penalty by voluntarily surrendering or
returning the property in good repair, reasonable wear and tear
excepted, in accordance with the terms of the rental-purchase
agreement, along with any past due rental payments upon
expiration of any rental period;
(xii) Notice of the right to reinstate an agreement
as provided in this act;
(xiii) The following notice printed or typed in a
size equal to or greater than ten (10) point bold type or, when
disclosed in a digital format, outlined with a noticeable box in
a type and size equal to or larger than any surrounding language
and in every instance disclosed in a clear and conspicuous
manner:
NOTICE TO CONSUMER
DO NOT SIGN THIS AGREEMENT BEFORE YOU READ IT OR IF IT CONTAINS
BLANK SPACES. YOU ARE ENTITLED TO A COPY OF THE AGREEMENT YOU
SIGN.
(xiv) If the property is used, a description of any
damage to the property beyond ordinary wear and tear that would
reasonably be expected on property of similar age and condition;
and
(xv) A description of the conditions which constitute
default by the consumer.