A
rental purchase agreement may not contain:
| (1) |
a confession of judgment; |
Terms Used In Utah Code 15-8-7
- 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
- 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
- Person: means :Utah Code 68-3-12.5
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- 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
| (2) |
a negotiable instrument; |
| (3) |
a claim of a property interest in any goods except those goods delivered by the lessor pursuant to the rental purchase agreement; |
| (5) |
a waiver by the consumer of claims or defenses; |
| (6) |
a provision authorizing the lessor or a person acting on the lessor’s behalf to enter upon the consumer’s premises or to commit any breach of the peace while repossessing rented property; or |
| (7) |
a provision mandating that the consumer purchase from the lessor insurance or a liability damage waiver for the merchandise. |
Enacted by Chapter 251, 1993 General Session
