Terms Used In Idaho Code 28-36-105

  • 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
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • 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
  • Property: includes both real and personal property. See Idaho Code 73-114
  • Renewal date: means the date specified in the lease-purchase agreement upon which the consumer must either return the personal property to the lessor or renew the lease-purchase agreement. See Idaho Code 28-36-102
(1) For each lease-purchase agreement, the lessor shall disclose in the agreement the following items, as applicable:
(a) The total number, total dollar amount and frequency of all payments necessary to acquire ownership of the property;
(b) A statement that the consumer will not own the property until the consumer has made the total payments necessary to acquire ownership;
(c) A statement that the consumer is responsible to the lessor for the fair market value of the property if, and as of the time, it is lost, stolen, damaged or destroyed;
(d) A brief description of the leased property, sufficient to identify the property to the consumer and the lessor, including an identification number, if applicable, and a statement indicating whether the property is new or used, but a statement that indicates new property is used is not a violation of the provisions of this chapter;
(e) The total amount initially payable or required at or before consummation of the agreement or delivery of the property, whichever is later;
(f) A statement that the total of payments necessary to acquire ownership does not include other charges, such as late payment, default, pickup and reinstatement fees, which fees shall be separately disclosed in the agreement;
(g) A statement clearly summarizing the terms of the consumer’s option to purchase, if any, including a statement regarding whether 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 so purchased;
(h) A statement identifying the party responsible for maintaining or servicing the property while it is being leased, together with a description of that responsibility, and a statement that if any part of a manufacturer’s express warranty covers the lease property at the time the consumer acquires ownership of the property, the warranty shall be transferred to the consumer, if allowed by the terms of the warranty;
(i) The consummation date of the agreement and the identities of the lessor and consumer;
(j) A statement that the consumer may terminate the agreement without penalty by voluntarily surrendering or returning the property in good repair upon the renewal date together with any past due rental payments; and
(k) Notice of the right to reinstate an agreement as herein provided.