Rental Purchase Act
Arkansas · Business and Commercial Law · §§ 4-92-101 to 4-92-108 · 8 sections
Overview
The act regulates rent-to-own transactions, in which a consumer leases household goods or other personal property under a renewable agreement with the option to acquire ownership. It sets out what a rental-purchase agreement is and what it must contain, prohibits certain terms, and gives the lessee a right to reinstate an agreement after a missed payment. It also imposes obligations on lessors, restricts how such transactions may be advertised, and addresses the handling of merchandise repossessed from a lessee.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
In the courts
Sections of this act have been cited in 6 court decisions.
Most-cited authority: 130 BR 849 - In Re Taylor
Sections covered
- Ark. Code Ann. § 4-92-101Title3 cites
- Ark. Code Ann. § 4-92-102Definitions1 cite
- Ark. Code Ann. § 4-92-103Liability of lessor
- Ark. Code Ann. § 4-92-104Agreement — Nature1 cite
- Ark. Code Ann. § 4-92-105Agreement — Provisions prohibited and required1 cite
- Ark. Code Ann. § 4-92-106Agreement — Reinstatement
- Ark. Code Ann. § 4-92-107Advertisements
- Ark. Code Ann. § 4-92-108Personal property — Repossessed rental merchandise
Enacted in other states
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