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§ 6905. Lessee's right to acquire ownership

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 42 Pa.C.S.A. Judiciary and Judicial ProcedureEffective: September 9, 2022

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 42 Pa.C.S.A. Judiciary and Judicial Procedure (Refs & Annos)
Part VI. Actions, Proceedings and Other Matters Generally
Chapter 69. Particular Rights and Immunities (Refs & Annos)
Effective: September 9, 2022
42 Pa.C.S.A. § 6905
§ 6905. Lessee's right to acquire ownership
Currentness
(a) Limitation on cost of lease services.--The total amount charged by the lessor for the cost of lease services in a rental-purchase transaction shall not exceed the cash price of the property.
(b) Acquisition of ownership.--A rental-purchase agreement must provide that at any time after tendering an initial rental payment, a lessee may acquire ownership of the property that is the subject of the rental-purchase agreement at a price or by a formula or method specified in the rental-purchase agreement.
(c) Chart.--A rental-purchase agreement must be accompanied by a chart showing the amount required to exercise the option to purchase the rented property after each rental payment if rental payments are made as scheduled.
(d) Receipts.--After receiving each rental payment, the lessor shall provide a receipt to the lessee. The receipt shall disclose all of the following:
(1) The rental payment made by the lessee.
(2) The amount of the early purchase option that is applicable after the rental payment made by the lessee.
(3) The dates when the early purchase option price remain valid.

Credits

1996, July 11, P.L. 607, No. 104, § 6, effective in 60 days. Amended 2014, Oct. 27, P.L. 2896, No. 185, § 2, effective in 60 days [Dec. 26, 2014]; 2022, July 11, P.L. 1536, No. 82, § 2, effective in 60 days [Sept. 9, 2022].
42 Pa.C.S.A. § 6905, PA ST 42 Pa.C.S.A. § 6905
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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