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 Ohio Personal Property Lease or Rental Agreement of Consumer Electronics, Home Appliances, and Accessories with an Option to Purchase and Own — Lease or Rent to Own is a legal document that outlines the terms and conditions for leasing or renting consumer electronics, home appliances, and accessories, with the option to buy and own the items. This agreement is designed to provide individuals in Ohio with the opportunity to have access to personal property without making an upfront purchase. It allows individuals to lease or rent items such as televisions, computers, kitchen appliances, furniture, and other consumer electronics and home accessories for a specified period. The specific terms and conditions of the lease or rental agreement may vary depending on the provider and the item being leased. However, some common components typically included in this type of agreement are: 1. Parties involved: The agreement will identify the lessor (the party providing the property) and the lessee (the individual leasing or renting the property). 2. Description of property: The agreement will clearly describe the personal property being leased or rented, including its condition and any existing damages or defects. 3. Duration of the lease or rental: The agreement will specify the start and end dates of the lease or rental period. It may also include renewal options or the possibility of extending the lease. 4. Rental payments: The agreement will outline the amount of rent or lease payments, their frequency (e.g., weekly, bi-weekly, monthly), and the payment methods accepted. 5. Option to purchase: The agreement will outline the option for the lessee to purchase the leased property at the end of the lease term or during the lease period, if applicable. It may specify the purchase price or provide a formula for calculating it. 6. Conditions for termination: The circumstances under which either party can terminate the agreement early, such as non-payment of rent, violation of terms, or damage to the property, will be detailed. 7. Maintenance and repairs: The agreement will specify the responsibilities of the lessor and lessee regarding maintenance, repairs, and insurance coverage for the leased property. Other types of Ohio Personal Property Lease or Rental Agreements with an Option to Purchase and Own — Lease or Rent to Own may include specific categories or variations, such as: 1. Ohio Real Estate Lease or Rental Agreement with an Option to Purchase and Own — Lease or Rent to Own. 2. Ohio Automobile Lease or Rental Agreement with an Option to Purchase and Own — Lease or Rent to Own. 3. Ohio Furniture Lease or Rental Agreement with an Option to Purchase and Own — Lease or Rent to Own. 4. Ohio Mobile Device Lease or Rental Agreement with an Option to Purchase and Own — Lease or Rent to Own. These variations indicate specific lease or rental agreements for different types of assets, each following the general structure and principles outlined above.
