(1) The lessor shall disclose, or cause to be disclosed, to the consumer the information required in this chapter. In a transaction involving more than one (1) lessor, only one (1) lessor need make the disclosures, but all lessors shall be bound by such disclosures.
(2) The disclosures shall be made at or before consummation of the lease-purchase agreement.

Terms Used In Idaho Code 28-36-104

  • Consumer: means a natural person who rents personal property under a lease-purchase agreement to be used by the consumer primarily for personal, family or household purposes. See Idaho Code 28-36-102
  • Consummation: means the time a consumer enters a lease-purchase agreement. See Idaho Code 28-36-102
  • Contract: A legal written agreement that becomes binding when signed.
  • Lease-purchase agreement: means an agreement by a lessor and a consumer for the use of personal property by a consumer primarily for personal, family or household purposes, for an initial period of four (4) months or less that is automatically renewable with each payment after the initial period, but does not obligate or require the consumer to continue leasing or using the property beyond the initial period, and that permits the consumer to become the owner of the property. See Idaho Code 28-36-102
  • Lessor: means a person who regularly provides the use of property through lease-purchase agreements and to whom lease payments are initially payable on the face of the lease-purchase agreement. See Idaho Code 28-36-102
(3) The disclosures shall be made clearly and conspicuously in writing and a copy of the lease-purchase agreement provided to the consumer. The disclosures required under section 28-36-105(1), Idaho Code, shall be made on the face of the contract above the line 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 the provisions of this chapter.