| (1) |
A lessor shall disclose to a consumer the information required by this chapter. In a transaction involving more than one lessor, only one lessor needs to make the disclosures, but all lessors shall be bound by the disclosures. |
Terms Used In Utah Code 15-8-5
- Consumer: means a natural person who rents personal property under a rental purchase agreement to be used primarily for personal, family, or household purposes. See Utah Code 15-8-3
- Consummation: means the time at which a consumer becomes contractually obligated on a rental purchase agreement. See Utah Code 15-8-3
- Contract: A legal written agreement that becomes binding when signed.
- Lessor: means a person who regularly provides the use of property through rental purchase agreements and to whom rental payments are initially payable on the face of a rental purchase agreement. See Utah Code 15-8-3
- Rental purchase agreement: means an agreement for the use of personal property by a natural person primarily for personal, family, or household purposes for an initial period of four months or less that is automatically renewable with each payment after the initial period, but which does not obligate or require the consumer to continue renting or using the property beyond the initial period, and that permits the consumer to become the owner of the property. See Utah Code 15-8-3
- Signature: includes a name, mark, or sign written with the intent to authenticate an instrument or writing. See Utah Code 68-3-12.5
- Writing: includes :Utah Code 68-3-12.5
| (2) |
The disclosures shall be made at or before consummation of the rental purchase agreement. |
| (3) |
The disclosures shall be made clearly and conspicuously in writing and a copy of the rental purchase agreement shall be provided to the consumer at consummation or at some specified time after consummation, with consent of the consumer. The disclosures required under Subsection 15-8-6(1) shall be made on the face of the contract, above the line provided for the consumer’s signature. |
| (4) |
If a disclosure becomes inaccurate as the result of any act, occurrence, or agreement by the consumer after delivery of the required disclosures, the resulting inaccuracy is not a violation of this chapter. |
Amended by Chapter 12, 1994 General Session
