2017 Maryland Code
Commercial Law
Title 12 - Credit Regulations
Subtitle 11 - Maryland Rental-Purchase Agreement Act
§ 12-1111. Form for disclosures

"Rental-Purchase Agreement

1. Lessor(s): Lessee(s):

Name ____ Name____

Address ____ Address____

Telephone 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: ____

    ____. "

Summary of Costs of Your Rental-Purchase Agreement

Cash Price Scheduled Final Purchase Cost of Lease

Payments Price Services

The price of The amount The Amount The cost of your

the rental you pay per you rental-purchase

property if week/month. will have paid transaction.

purchased after you have

in-store at the made all

time of payments as

consummation. scheduled.

$ ____ $ hr10 $ ____

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: ____

Date: ____

____