Common use of Receipts and accounts Clause in Contracts

Receipts and accounts. A merchant shall furnish the consumer a written receipt for each payment made in cash or by any other method of payment that does not provide evidence of payment when any such payment is made in person during normal working hours. The merchant shall provide the consumer with a written statement of account within 7 days of the consumer's request. [PL 1991, c. 787 (NEW).] SECTION HISTORY PL 1991, c. 787 (NEW). 1. A renegotiation occurs when an existing rental-purchase agreement is satisfied and replaced by a new agreement undertaken by the same merchant and consumer. A renegotiation is considered a new agreement requiring new disclosures. The following are not considered renegotiations: A. The addition or return of property in a multiple-item agreement or the substitution of the rental property, if that addition, return or substitution does not affect the total number, total amount or timing of all payments necessary to acquire ownership; [PL 1991, c. 787 (NEW).] B. A deferral or extension of one or more periodic payments or portions of a periodic payment; [PL 1991, c. 787 (NEW).] C. A reduction in charges in the agreement; and [PL 1991, c. 787 (NEW).] X. Xx agreement involved in a court proceeding. [PL 1991, c. 787 (NEW).] [PL 1991, c. 787 (NEW).] 2. Disclosures are not required for any extension of a rental-purchase agreement. §11-118. Advertising and point-of-sale disclosure 1. An advertisement for a rental-purchase agreement that refers to or states the dollar amount of any payment for a specific item must state clearly and conspicuously: A. That the transaction advertised is a rental-purchase agreement; [PL 1991, c. 787 (NEW).] B. The rental-purchase cost; and [PL 2001, c. 287, §17 (AMD).] C. That the consumer does not acquire ownership rights until the total of payments to acquire ownership is paid. [PL 2001, c. 287, §17 (AMD).] [PL 2001, c. 287, §17 (AMD).] 2. For any item of property displayed or offered for rental-purchase, the merchant shall display a point-of-rental placard. The point-of-rental placard must disclose the rental payment amount and, in numerals and lettering at least as prominent as the rental payment amount, the following: A. The number of rental payments necessary to acquire ownership of the item and the rental period; [PL 2001, c. 287, §17 (AMD).] B. The rental-purchase cost of the item; and [PL 2001, c. 287, §17 (AMD).] C. Whether the item is new or used. [PL 2001, c. 287, §17 (NEW).] Labeling a new item as used is not a violation of this Article. [PL 2001, c. 287, §17 (AMD).] 3. An owner or the personnel of a medium in which an advertisement appears or through which an advertisement is disseminated is not liable under this section. 4. A merchant may make the disclosures required by subsection 2 in the form of a list or catalog that is readily available to the consumer if the property is not displayed in the merchant's showroom or if displaying a point-of-rental placard would be impractical due to the size of the property.

Receipts and accounts. A merchant shall furnish the consumer a written receipt for each payment made in cash or by any other method of payment that does not provide evidence of payment when any such payment is made in person during normal working hours. The merchant shall provide the consumer with a written statement of account within 7 days of the consumer's request. [PL 1991, c. 787 (NEW).] SECTION HISTORY PL 1991, c. 787 (NEW). 1. A renegotiation occurs when an existing rental-purchase agreement is satisfied and replaced by a new agreement undertaken by the same merchant and consumer. A renegotiation is considered a new agreement requiring new disclosures. The following are not considered renegotiations: A. The addition or return of property in a multiple-item agreement or the substitution of the rental property, if that addition, return or substitution does not affect the total number, total amount or timing of all payments necessary to acquire ownership; [PL 1991, c. 787 (NEW).] B. A deferral or extension of one or more periodic payments or portions of a periodic payment; [PL 1991, c. 787 (NEW).] C. A reduction in charges in the agreement; and [PL 1991, c. 787 (NEW).] X. Xx D. An agreement involved in a court proceeding. [PL 1991, c. 787 (NEW).] [PL 1991, c. 787 (NEW).] 2. Disclosures are not required for any extension of a rental-purchase agreement. §11-118. Advertising and point-of-sale disclosure 1. An advertisement for a rental-purchase agreement that refers to or states the dollar amount of any payment for a specific item must state clearly and conspicuously: A. That the transaction advertised is a rental-purchase agreement; [PL 1991, c. 787 (NEW).] B. The rental-purchase cost; and [PL 2001, c. 287, §17 (AMD).] C. That the consumer does not acquire ownership rights until the total of payments to acquire ownership is paid. [PL 2001, c. 287, §17 (AMD).] [PL 2001, c. 287, §17 (AMD).] 2. For any item of property displayed or offered for rental-purchase, the merchant shall display a point-of-rental placard. The point-of-rental placard must disclose the rental payment amount and, in numerals and lettering at least as prominent as the rental payment amount, the following: A. The number of rental payments necessary to acquire ownership of the item and the rental period; [PL 2001, c. 287, §17 (AMD).] B. The rental-purchase cost of the item; and [PL 2001, c. 287, §17 (AMD).] C. Whether the item is new or used. [PL 2001, c. 287, §17 (NEW).] Labeling a new item as used is not a violation of this Article. [PL 2001, c. 287, §17 (AMD).] 3. An owner or the personnel of a medium in which an advertisement appears or through which an advertisement is disseminated is not liable under this section. 4. A merchant may make the disclosures required by subsection 2 in the form of a list or catalog that is readily available to the consumer if the property is not displayed in the merchant's showroom or if displaying a point-of-rental placard would be impractical due to the size of the property.