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Ark. Code Ann. § 4-92-105

Agreement — Provisions prohibited and required

Known as the Rental Purchase Act

The act spans §§ 4–4 (8 sections).

Applied in 1 court decision — leading case In Re Taylor (1991)

Most recently applied in In Re Taylor (June 1991)

Acts 1987, No. 490, §§ 4, 5.

(1) A rental-purchase agreement shall not contain a provision: Requiring a confession of judgment;

(2) Authorizing a merchant or agent of the merchant to commit a breach of the peace while repossessing merchandise;

(3) Waiving a defense, counterclaim, or right the consumer may have against the merchant or an agent of the merchant; or

(4) Requiring the purchase of insurance from the merchant to cover the merchandise.

(5) A rental-purchase agreement must disclose: Whether the merchandise is new or used;

(6) The amount and timing of regular rental payments;

(7) The total number of payments necessary and the total amount to be paid to acquire ownership;

(8) The amounts and purpose of any other payment, charge, or fee in addition to the regular periodic rental payment;

(9) That the consumer does not acquire any ownership rights until the consumer has complied with the ownership terms of the agreement;

(10) 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

(11) Notice of the right to reinstate an agreement as provided in § 4-92-106(a).

Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.