(a) The lessor shall disclose to the lessee the information required by this chapter. In a transaction involving more than one lessor, only one lessor need make the disclosures, but all lessors shall be bound by these disclosures. The disclosures shall be made before consummation of the lease-purchase agreement.
contract signature

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Terms Used In Hawaii Revised Statutes 481M-13

  • Consummation: means the time a lessee becomes contractually obligated on a lease-purchase agreement. See Hawaii Revised Statutes 481M-1
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Lessee: means a natural person who rents personal property under a lease-purchase agreement. See Hawaii Revised Statutes 481M-1
  • Lessor: means a person who regularly provides the use of property through lease-purchase agreements and to whom lease payments are initially payable on the face of the lease-purchase agreement. See Hawaii Revised Statutes 481M-1
(b) The disclosures shall be made clearly and conspicuously in writing and in not less than ten-point standard type. A copy of the disclosures shall be included with the lease-purchase agreement provided to the lessee. All disclosures required by this chapter shall be printed or typed in a color or shade that clearly contrasts with the background. The disclosures required under § 481M-14 shall be made on the face of the lease-purchase agreement above the line for the lessee’s signature. Before any payment is due, the lessor shall furnish the lessee with an exact copy of the lease-purchase agreement, which shall be signed by the lessee and which shall evidence the lessee’s agreement.
(c) If a disclosure becomes inaccurate as the result of any act, occurrence, or agreement by the lessee after delivery of the required disclosures, the resulting inaccuracy shall not be a violation of this chapter.

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