Ohio Code 1351.07 – Advertisements – mandatory information to be supplied
(A) No advertisement for a lease-purchase agreement shall state that a lease of any specific property is available at specific amounts or on specific terms unless the lessor will lease the property at those amounts or on those terms.
Terms Used In Ohio Code 1351.07
- Advertisement: means any written, visual, or oral communication made to a lessee or prospective lessee by means of personal representation, newspaper, magazine, circular, billboard, direct mailing, sign, radio, television, telephone, or other means of communication, that aids, promotes, or assists, directly or indirectly, a lease-purchase agreement. See Ohio Code 1351.01
- Cash price: means the price at which a lessor in the ordinary course of business would offer the property that is the subject of a lease-purchase agreement to the lessee for cash on the date of the lease-purchase agreement. See Ohio Code 1351.01
- 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
- 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
- state: means the state of Ohio. See Ohio Code 1.59
(B) No advertisement shall state that a payment or a lease payment is due upon origination of a lease without disclosing all of the following:
(1) The payment due upon origination of the lease;
(2) The lease payment;
(3) The total number of lease payments necessary to obtain ownership of the property that is the subject of the lease-purchase agreement.
(C) All property displayed or offered under a lease-purchase agreement shall have stamped upon or affixed to the property and clearly and conspicuously indicated in Arabic numerals that are readable and understandable by visual inspection, all of the following:
(1) The cash price of the property;
(2) The amount of the lease payment;
(3) The total number of lease payments necessary to acquire ownership of the property that is the subject of the lease-purchase agreement.
(D) With respect to matters specifically governed by the “Consumer Credit Protection Act,” 15 U.S.C.A. 1667, 90 Stat. 257, as amended, compliance with such act satisfies the requirements of this section.