Ohio Code 1351.04 – Terms that may not be required
A lessor shall not require any of the following from a lessee:
Terms Used In Ohio Code 1351.04
- 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 for the use of personal property by an individual primarily for personal, family, or household purposes for an initial period of four months or less that is automatically renewable with each lease payment after the initial period and that permits the lessee to acquire ownership of the property. See Ohio Code 1351.01
- Lessee: means an individual who leases personal property pursuant to a lease-purchase agreement. See Ohio Code 1351.01
- Lessor: means a person who, in the ordinary course of business, regularly offers to lease or arranges for personal property to be leased pursuant to a lease-purchase agreement. See Ohio Code 1351.01
- Property: means real and personal property. See Ohio Code 1.59
(A) The purchase of insurance from the lessor for property that is the subject of a lease-purchase agreement;
(B) Any payment in addition to the number of lease payments specified in the lease-purchase agreement other than the payment described in division (B) of section 1351.06 of the Revised Code, that is required in order for the lessee to acquire ownership of the leased property;
(C) Lease payments that in the aggregate exceed the maximum permissible amount set forth in section 1351.06 of the Revised Code;
(D) A penalty for early termination of a lease-purchase agreement or for the return of any leased property at any time;
(E) A fee for in-home collection of a lease payment unless the amount of the fee is disclosed and the lessee expressly has agreed to pay the fee.