Maryland § 12-1111

§ 12-1111.

    (a)    The following is an example of a form which shall be used to satisfy the disclosure requirements of §§ 12–1103(c) and 12–1104(a) of this subtitle:

“Rental–Purchase Agreement

    (1.)    Lessor(s):                  Lessee(s):

    Name ____________________________    Name ______________________________

    Address __________________________    Address ____________________________

    Telepohon no. _____________________    Telephone no. ______________________

    (2.)    Description of Rental Property:

                       Identification

    Item        Quantity          Number            Condition

______________ _______________ __________________     New _________________

                                        Used _________________

Cash Price: ___________________________

    (3.)    Total Initial Payment

             Rental Payment:        $______________

             Delivery Charge:        $______________

             Tax                 $______________

             Other (specify):        $______________

             Total:                 $______________

    (4.)    Rental Payments:

    Total Weekly Rental Payment:        _________________ (includes tax)

    Total Monthly Rental Payment:        _________________ (includes tax)

    (5.)    Other Charges:

    In Home Pick–up Fee:        $___________

    Reinstatement Fee:        $___________

    Other (specify):             $___________

    (6.)    Total Cost To Acquire Ownership:

    If you renew this rental agreement each week/month, for __________

    weeks/months, you will pay a total of $____________ to own the rental property.    This amount includes your total initial payment but does not include other    charges such as damage, reinstatement or pick–up fees for which you may be    liable.

    (7.)    Cost of Lease Services:

    The cost of lease services is the difference between the final purchase price of     the rental property and the cash price of the rental property. The cost of lease     services for the rental property is $__________.

    (8.)    No Ownership Until Total Paid:

    You will not acquire ownership of the rental property until you pay the total     rental payments necessary to acquire ownership, or unless you exercise an     early purchase option.

    (9.)    Early Purchase Option:

    You may purchase the rental property at any time after your first rental     payment.

(Describe formula or method here)

    (10.)    Maintenance:

    We (lessor) are responsible for maintaining the rental property in good working     condition while it is being rented. We will provide all necessary service, repair     or replacement (specify if in home or in store) if you notify us by phone or mail     that service is needed. We will not be responsible for repairs done by anyone     other than us.

    (11.)    Warranty:

    If allowed by the manufacturer, the manufacturer’s express warranty covering     the rental property rented under this agreement will be transferred to you if,     and at the time, you acquire ownership of the rental property.

    (12.)    Damages:

    You (lessee) are entirely responsible for loss, damages, theft or destruction of     the rental property while it is in your possession. Your liability for such     damage will not exceed the early purchase option price of the rental property     as of the date it is lost, stolen, damaged or destroyed.

    (13.)    Termination:

    You (lessee) may terminate this agreement without penalty at the end of any     weekly or monthly term by returning the rental property to us in good     condition. You will be liable for any unpaid rental payments due upon the date     of return.

    (14.)    Reinstatement:

    If you (lessee) fail to make a timely payment, you may reinstate the agreement     without penalty, if:

    (1))    You pay all past due rental charges and a reinstatement fee within 2              days (weekly renters) or 5 days (monthly renters) of your renewal date;         or

    (2))    You return or voluntarily surrender the rental property within 2 days              (weekly renters) or 5 days (monthly renters) of your renewal date. If you          choose to reinstate the agreement after returning the rental property,              you will have up to 21 days (or longer depending on how long you have              rented the rental property) to pay all past due rental charges, a                  reinstatement fee and a reasonable redelivery fee if we deliver the rental         property.

I have read the above disclosures before signing this rental–purchase agreement.

Lessee(s): ______________________________ Date: ___________________

     ______________________________ .”

    (b)    The following is an example of a form which shall be used to satisfy the disclosure requirements of §§ 12–1103(c) and 12–1104(b) of this subtitle:

Summary of Costs of Your Rental–Purchase Agreement

    Cash Price        Scheduled        Final Purchase    Cost of Lease

                 Payments        Price             Services

    The price of the    The amount you    The amount you    The cost of your

    rental property if    pay per        will have paid    rental–purchase.

    purchased in–    week/month.        after all payments

    store at the time                 made all payments

    of consummation.                 as scheduled.

    $ __________        $ __________        $ __________        $ __________

Timing of Payments: Payment in the amount of $ ________________ is due on a (weekly/bi–weekly/semi–monthly/monthly) basis.

Early Payment Option: You have the right to purchase the rental property prior to the date listed above for (enter formula).

Termination: You have the right to terminate this rental–purchase agreement at the end of any term by surrendering the rental property to the lessor.

The disclosures above are part of the terms and conditions of your rental–purchase agreement with (company name).                                Lessee(s):    _________________________________    Date: ________________________             _________________________________