2023 Maryland Statutes › Commercial Law › Title 12 - Credit Regulations › Subtitle 11 - Maryland Rental-Purchase Agreement Act › Section 12-1111 - Form for Disclosures

(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: ________________________             _________________________________