Arkansas § 4-92-105 - Agreement — Provisions prohibited and required.

§ 4-92-105. Agreement — Provisions prohibited and required.

A rental-purchase agreement shall not contain a provision: Requiring a confession of judgment; Authorizing a merchant or agent of the merchant to commit a breach of the peace while repossessing merchandise; Waiving a defense, counterclaim, or right the consumer may have against the merchant or an agent of the merchant; or Requiring the purchase of insurance from the merchant to cover the merchandise. A rental-purchase agreement must disclose: Whether the merchandise is new or used; The amount and timing of regular rental payments; The total number of payments necessary and the total amount to be paid to acquire ownership; The amounts and purpose of any other payment, charge, or fee in addition to the regular periodic rental payment; That the consumer does not acquire any ownership rights until the consumer has complied with the ownership terms of the agreement; Whether the consumer is liable for loss or damage to the merchandise, and if so, the maximum amount for which the consumer may be held liable; and Notice of the right to reinstate an agreement as provided in § 4-92-106(a).