South Carolina § 37-2-702 - Required disclosures; manner of disclosure; when disclosures required.

§ 37-2-702. Required disclosures; manner of disclosure; when disclosures required.

(1) In a consumer rental-purchase agreement, the lessor shall disclose the following items, as applicable:

(a) the total of scheduled payments;

(b) the number, amounts, and timing of all payments including taxes paid to or through the lessor necessary to acquire ownership of the property;

(c) a statement that the lessee will not own the property until the lessee has made the number of payments and the total of scheduled payments necessary to acquire ownership of the property;

(d) a statement that the total of payments does not include other charges, such as late payment charges, and that the consumer should see the contract for an explanation of these charges;

(e) if applicable, a statement that the lessee is responsible for the fair market value of the property if and as of the time it is lost, stolen, damaged, or destroyed;

(f) a statement indicating whether the property is new or used, provided, it is not a violation of this section to indicate that the property is used if it is actually new;

(g) a statement that at any time after the first periodic payment is made, the lessee may acquire ownership of the property by tendering fifty-five percent of the difference between the total of scheduled payments and the total amount paid on the account.

(2) The administrator of the Department of Consumer Affairs may promulgate regulations setting requirements for the order and conspicuousness of the disclosures set forth in subitems (a) through (h). These regulations may allow these disclosures to be made in accordance with model forms prepared by the administrator.

(3) In a consumer rental-purchase agreement, the lessor shall make the disclosures required by subsection (1) clearly and conspicuously, and a copy must be given to the lessee for his records.

(4) In a consumer rental-purchase agreement, the lessor shall make the disclosures in the manner required by subsection (2) before consummation of the transaction.

HISTORY: 1985 Act No. 121, SECTION 6.