§ 6903. Required disclosures in connection with rental-purchase agreement
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 42 Pa.C.S.A. Judiciary and Judicial ProcedureEffective: December 26, 2014
Effective: December 26, 2014
42 Pa.C.S.A. § 6903
§ 6903. Required disclosures in connection with rental-purchase agreement
(1) A brief description of the rented property sufficient to identify it to the lessee and lessor and a statement as to whether the property is new, used or previously rented. If a rental is for multiple items of property, a description of each item may be provided in a separate statement incorporated by reference in the rental-purchase agreement or primary disclosure statement.
NOTICE
You are renting this property. You will not own it until you make all of the regularly scheduled payments or you use the early purchase option. You do not have the right to keep the property if you do not make required payments or do not use the early purchase option. Subject to your grace periods and reinstatement rights, the lessor may repossess the property if you fail to make rental payments as scheduled. Your rights and responsibilities are fully explained in this rental-purchase agreement.
(c) Time of disclosure.--Every rental-purchase agreement shall be in writing. The information required by this section shall be disclosed by the lessor prior to the signing of the rental-purchase agreement by the lessee and shall be disclosed either in the rental-purchase agreement or on a dated, separate piece of paper that identifies the rental-purchase agreement and the parties to it.
(d) Manner of disclosure.--The disclosures required by subsection (a)(2), (3), (9), (11) and (12) shall be printed or typed in at least ten-point boldface type and grouped together. All other disclosures required by this section shall be printed or typed in at least eight-point type. All numerical amounts and percentages shall be stated in figures. All information required by this section shall be written, organized and designed so that it is easy to read and understand. The information shall be appropriately divided and captioned by its sections.
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].
42 Pa.C.S.A. § 6903, PA ST 42 Pa.C.S.A. § 6903
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document |