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.
North Dakota Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own — Lease or Rent to Own A North Dakota Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own is a legally binding contract that outlines the terms and conditions for leasing or renting equipment and furniture with an option to buy and own them in North Dakota. This agreement is commonly known as a "lease to own" or "rent to own" agreement. In this type of agreement, the lessor (owner) agrees to lease or rent equipment and furniture to the lessee (tenant) for a specified period, typically with the option to purchase and own the items at the end of the lease term. It provides flexibility for individuals or businesses who wish to acquire assets gradually or assess the suitability of the equipment before committing to a purchase. The North Dakota Personal Property Lease or Rental Agreement of Equipment and Furniture with Option to Purchase and Own includes key details such as: 1. Parties involved: This section includes the names and addresses of both the lessor and lessee. 2. Description of the equipment and furniture: A comprehensive list of all items being leased or rented is provided, including their make, model, condition, and any identifying serial numbers. 3. Lease term: The agreement specifies the duration of the lease, typically ranging from months to years. It also outlines the start date and end date of the lease term. 4. Rental payments: The agreement specifies the amount of rent to be paid by the lessee, the frequency of payments, and the accepted payment methods. It may include provisions for late payments and penalties. 5. Purchase option: This clause outlines the option for the lessee to purchase the leased equipment and furniture at the end of the lease term. It includes details such as the purchase price and any applicable conditions for exercising the option. 6. Maintenance and repairs: The responsibilities for maintaining and repairing the leased items are clearly defined, specifying whether it is the lessor's or lessee's responsibility. 7. Insurance and liability: This section outlines the insurance requirements, including who is responsible for insuring the equipment and furniture against damage or loss during the lease term. 8. Default and termination: The agreement specifies the consequences of defaulting on rental payments or breaching any other terms of the lease. It also outlines the process for terminating the agreement early. Other types of Personal Property Lease or Rental Agreements in North Dakota may include: 1. Personal Property Lease or Rental Agreement of Vehicles with Option to Purchase and Own: Similar to the equipment and furniture agreement, this type of lease focuses specifically on vehicles, such as cars, trucks, motorcycles, or recreational vehicles. 2. Personal Property Lease or Rental Agreement of Electronics with Option to Purchase and Own: This type of lease agreement is specific to electronic items such as smartphones, laptops, tablets, or gaming consoles. 3. Personal Property Lease or Rental Agreement of Commercial/Industrial Equipment with Option to Purchase and Own: This type of lease targets businesses in need of specialized equipment for their operations, such as construction machinery, medical equipment, or manufacturing tools. 4. Personal Property Lease or Rental Agreement of Residential Furniture with Option to Purchase and Own: This agreement caters to individuals or families needing temporary furniture for their homes, with the option to buy and own the pieces at the end of the lease term. In North Dakota, these Personal Property Lease or Rental Agreements with the option to purchase and own provide a flexible and convenient solution for acquiring equipment and furniture over time, allowing individuals and businesses to test or acquire assets without committing to immediate, high upfront costs.
