Louisiana Revised Statutes 9:3354 – General requirements of disclosure
Terms Used In Louisiana Revised Statutes 9:3354
- Consumer: means a natural person who rents personal property under a rental-purchase agreement to be used primarily for personal, family, or household purposes. See Louisiana Revised Statutes 9:3352
- Consummation: means the time when a consumer becomes contractually obligated on a rental-purchase agreement. See Louisiana Revised Statutes 9:3352
- Contract: A legal written agreement that becomes binding when signed.
- Lessor: means a person who regularly provides the use of property through rental-purchase agreements and to whom rental payments are initially payable on the face of the rental-purchase agreement. See Louisiana Revised Statutes 9:3352
- Rental-purchase agreement: means an agreement for the use of personal property by a natural person primarily for personal, family, or household purposes for an initial period of four months or less, that is automatically renewable with each payment after the initial period, but that does not obligate or require the consumer to continue renting or using the property beyond the initial period, and that permits the consumer to become the owner of the property. See Louisiana Revised Statutes 9:3352
A. The lessor shall disclose to the consumer the information required by this Chapter. In a transaction involving more than one lessor, only one lessor shall make the disclosures, but all lessors shall be bound by such disclosures.
B. The disclosures shall be made at or before consummation of the rental-purchase agreement.
C. The disclosures shall be made clearly and conspicuously in writing, and a copy of the rental-purchase agreement shall be provided to the consumer. The disclosures required under La. Rev. Stat. 9:3355 shall be made on the face of the contract above the line for the signature of the consumer.
D. If a disclosure becomes inaccurate as the result of any act, occurrence, or agreement by the consumer after delivery of the required disclosures, the resulting inaccuracy shall not be a violation of this Chapter.
Acts 1991, No. 204, §1, eff. Jan. 1, 1992.