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.
Hennepin Minnesota Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with Option to Purchase and Own — Lease or Rent to Own is a legally binding document that outlines the terms and conditions under which a person can lease or rent consumer electronics, home appliances, and accessories in Hennepin County, Minnesota. This agreement also provides an option for the lessee to purchase and own the items at the end of the rental period. This agreement is designed to provide individuals with the flexibility of enjoying the latest technology and appliances without the immediate financial burden of purchasing them outright. It allows individuals to lease or rent items such as smartphones, televisions, laptops, refrigerators, washing machines, and other household accessories for a specified period. The Hennepin Minnesota Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with Option to Purchase and Own — Lease or Rent to Own typically includes the following information: 1. Parties: The agreement identifies the lessor (owner or leasing company) and the lessee (individual renting the items). 2. Item details: It includes a comprehensive list of all the consumer electronics, home appliances, and accessories being leased or rented, along with their specifications. 3. Rental term: The agreement specifies the rental duration, which can range from a few months to several years. 4. Rental payments: It outlines the amount of rent to be paid by the lessee and the payment schedule (monthly, quarterly, etc.). 5. Option to purchase: The agreement includes an option for the lessee to buy the leased items at the end of the rental term. 6. Purchase price: The agreement mentions the price at which the lessee can purchase the items if the option is exercised. 7. Maintenance and repairs: It outlines the responsibilities of the lessor and the lessee regarding the maintenance and repair of the leased items. 8. Default and termination: The agreement describes the consequences of default, such as late payments or damages, and the conditions under which the contract can be terminated. 9. Security deposit: It may require the lessee to provide a security deposit, which will be refunded upon the return of the items in good condition. 10. Governing law: The agreement specifies the laws of Hennepin County, Minnesota, that govern the contract. Different types of Hennepin Minnesota Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with Option to Purchase and Own — Lease or Rent to Own can include variations in rental terms, payment options, and types of items available for lease. Some common variations may include shorter or longer rental terms, flexible payment plans, and the inclusion of specific brands or models of electronics and appliances.
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.
