Sec. 42-248. Limit on total rental payments. Lessee to acquire ownership when fifty per cent of all rental payments made by lessee equals cash price of rented property. Termination of agreement.
Sec. 42-248. Limit on total rental payments. Lessee to acquire ownership when
fifty per cent of all rental payments made by lessee equals cash price of rented
property. Termination of agreement. (a) No lessor shall offer a rent-to-own agreement
in which the total of rental payments necessary to acquire ownership exceeds twice the
cash price of the rented property.
(b) When fifty per cent of all rental payments made by a lessee equals the cash price
of the property disclosed to the lessee in the rent-to-own agreement, the lessee shall
own the rented property and the rent-to-own agreement shall terminate.
(P.A. 91-162, S. 9, 18.)