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.
The Arkansas Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with Option to Purchase and Own — Lease or Rent to Own provides individuals in Arkansas with the opportunity to lease or rent consumer electronics, home appliances, and accessories, giving them the option to purchase and own the items in the future. This agreement is commonly used for individuals who want to enjoy the use of these items without committing to a full purchase upfront. Some types of Arkansas Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with Option to Purchase and Own — Lease or Rent to Own may include: 1. Consumer Electronics Lease or Rent to Own Agreement: This type of agreement specifically focuses on consumer electronics such as televisions, audio systems, gaming consoles, and other electronic devices. 2. Home Appliances Lease or Rent to Own Agreement: This agreement pertains to leasing or renting various home appliances like refrigerators, washing machines, dryers, dishwashers, and microwave ovens. 3. Furniture and Decor Lease or Rent to Own Agreement: This type of agreement encompasses leasing or renting furniture and decorative items for homes or offices. 4. Kitchen Appliances Lease or Rent to Own Agreement: This agreement is designed exclusively for leasing or renting kitchen appliances like stoves, ovens, toasters, blenders, and coffee makers. 5. Garden and Outdoor Equipment Lease or Rent to Own Agreement: This agreement caters to leasing or renting outdoor equipment, such as lawnmowers, leaf blowers, patio furniture, and BBQ grills. 6. Home Entertainment System Lease or Rent to Own Agreement: This type of agreement is specific to leasing or renting complete home entertainment systems, including televisions, speakers, media players, and amplifiers. Each agreement outlines the terms and conditions, including the duration of the lease, rental payments, maintenance responsibilities, and the option to purchase the leased items at the end of the agreement. It is crucial for both parties to carefully review and understand the agreement before signing to ensure a mutual understanding and a satisfactory leasing experience.
