Vermont § 2383 - Disclosure sheet The agricultural finance lease shall contain, or be accompanied by, a disclosure sheet that contains the following information in easily readable form: (1) The names and addresses of the lessor and lessee

§ 2383. Disclosure sheet The agricultural finance lease shall contain, or be accompanied by, a disclosure sheet that contains the following information in easily readable form: (1) The names and addresses of the lessor and lessee

• . If the seller of the leased property
  is an entity different than the lessor, the name and address of the seller shall also
  be included. (2) A brief description of each item of the leased property. (3) The purchase price of leased property purchased by the lessor contemporaneously with
  the execution of the agricultural finance lease, evidenced by a copy of the sales
  invoice or, for other leased property, identification of the leased property’s fair
  market value at the time of execution of the lease. (4) The total amount of any advance payment, down payment, security deposit, together
  with the rate of interest, if any, or trade-in allowance. (5) The number, amount, and due dates or periods of payments scheduled under the lease,
  and the total amount of the periodic payments. (6) The total amount paid or payable by the lessee during the lease term for official
  fees, registration, certificate of title, license fees, and taxes. If these amounts
  are not known, a good faith estimate shall be included. (7) The total amount of all other charges payable by the lessee to the lessor, individually
  itemized, that are not included in the periodic payments, except for costs of collection
  upon default. (8) A brief identification of any insurance required by the lease, including: (A) if provided or paid for by the lessor, the types and amounts of coverages and the
  cost to the lessee; or (B) if not provided or paid for by the lessor, the types and amounts of coverages required
  of the lessee. (9) A statement identifying any express warranties or guarantees available to the lessee
  made by the lessor or manufacturer with respect to the leased property. (10) Identification of any person responsible for maintaining or servicing the leased property,
  a brief description of any maintenance responsibility, and a statement of reasonable
  standards for wear and use, if the lessor sets such standards. (11) A description of the terms and conditions of any security interest held or to be retained
  by the lessor, including any mortgage connected with the lease, and a clear identification
  of the property to which the security interest applies. (12) The amount or method of determining the amount of any penalty or other charge for
  delinquency, default, or late payments. (13) A statement of the conditions under which the lessee or lessor may terminate the lease
  before the end of the lease term, and the amount, or method of determining the amount,
  of any penalty or other charge for early termination. (14) Identification of the amount, and the method of calculating the amount, of any penalty
  or other charge for which the lessee is liable at the end of the lease term, if a
  liability exists. (15) A statement of whether the lessee may purchase the leased property before or at the
  end of the lease term, and identification of the exact time when the option may be
  exercised. The statement shall also disclose the purchase price or declare that the
  price will be based on the property’s fair market value at the time the property may
  be purchased by the lessee. If the price will be based on fair market value, the
  historical experience, if any, of the lessor in calculating the purchase price of
  similar equipment under similar leases shall also be disclosed. (16) If the lessee has an option to purchase the leased property before or at the end of
  the lease term based on the property’s fair market value, a statement that the lessee
  may obtain a professional appraisal of the fair market value by an independent third
  party agreed to by the lessee and lessor. The appraised price shall be final and binding
  upon the lessor and lessee. The cost of the appraisal shall be shared equally by
  the lessor and lessee. The lessee shall not be obliged to exercise the option to
  purchase the property even though an appraisal has been obtained. (17) A declaration that comparison of the total amount of payments that would be due under
  an agricultural finance lease with the total amount of payment that would be due under
  a loan to purchase the property does not account for the relative tax advantages to
  the lessee of lease and loan transactions. (Added 1989, No. 284 (Adj. Sess.), § 1; amended 2011, No. 136 (Adj. Sess.), § 1, eff. May 18, 2012.)