The Consumer Leasing Act (15 USC 1667 et. seq.) was passed to assure that meaningful and accurate disclosure of lease terms is provided to consumers before entering into a personal property lease. It applies to certain consumer leases of personal property. This form does NOT include such disclosures.
For any consumer lease subject to this Act, the lessor must disclose such information as the following:
" Description of property;
" Amount due at lease signing or delivery;
" Payment schedule and total amount of periodic payments;
" Disclosure of other anticipated charges during normal execution of the lease agreement;
" Total of payments;
" Payment calculation;
" Lease term;
" Early termination conditions and penalties;
" Maintenance responsibilities;
" Purchase option;
" Statement referencing "nonsegregated" disclosures;
" The right of appraisal;
" Liability at the end of the lease term;
" Fees and taxes;
" Insurance and warranties.
Maryland Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances and Accessories with Option to Purchase and Own — Lease or Rent to Own Overview: A Maryland Personal Property Lease or Rental agreement with the option to purchase and own is a legally binding contract that allows individuals in Maryland to lease or rent consumer electronics, home appliances, and accessories while also providing them with the opportunity to buy and own the items at the end of the lease term. This arrangement is commonly known as a lease-to-own or rent-to-own agreement. Types of Maryland Personal Property Lease or Rental Agreements: 1. Consumer Electronics Lease or Rental Agreement: This type of lease agreement allows residents of Maryland to lease or rent various consumer electronics such as televisions, smartphones, laptops, gaming consoles, and audio equipment. By choosing a lease-to-own option, individuals can enjoy the latest technological advancements without making a hefty upfront purchase. 2. Home Appliances Lease or Rental Agreement: Maryland residents can lease or rent essential home appliances like refrigerators, washing machines, dishwashers, ovens, and air conditioners through this agreement. With the flexibility to rent-to-own, individuals can upgrade their appliances while spreading the cost over manageable monthly payments. 3. Accessories Lease or Rental Agreement: This agreement category includes the lease or rental of various accessories for consumer electronics and home appliances, such as HDMI cables, phone cases, kitchen utensils, and more. Customers can enhance their overall experience while having the option to purchase and own these accessories at the end of the lease term. Key Features and Benefits: 1. Flexibility: A Maryland personal property lease or rental agreement offers flexibility to individuals, allowing them to enjoy the use of desired items without the burden of immediate ownership. It provides an option to test, use, and evaluate the suitability and convenience of the leased items before making a final commitment. 2. Affordability: By choosing a lease or rent-to-own arrangement, individuals can access high-quality consumer electronics, home appliances, and accessories without a large upfront payment. This allows for more manageable monthly payments, making these items more affordable and accessible to a wider population. 3. Convenience: The lease or rental agreement eliminates the need for long-term commitments, as individuals have the freedom to return the items at the end of the lease term if they no longer wish to use or own them. This saves them from the hassle of reselling or disposing of the items. 4. Upgrade Options: Maryland residents who opt for a lease-to-own agreement have the advantage of upgrading to newer models or more advanced items during the lease term. This keeps them up-to-date with the latest technology and allows them to enjoy improved functionality and features. 5. Own the Items: At the end of the lease term, individuals have the option to exercise their right to purchase and own the leased items. This provides them with a path to eventual ownership and gives them the flexibility to choose whether to continue leasing or become the rightful owners. In conclusion, a Maryland Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with the option to purchase and own offers Maryland residents the convenience, affordability, and flexibility to access and eventually own desired items while avoiding a substantial upfront investment. By choosing a lease-to-own option, individuals can enjoy the benefits of these items immediately while having the option to purchase and own them in the future.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
