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4-92-105. Agreement — Provisions prohibited and required.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-92-105. Agreement — Provisions prohibited and required.
(a) A rental-purchase agreement shall not contain a provision:
(1) 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.
(b) A rental-purchase agreement must disclose:
(1) Whether the merchandise is new or used;
(2) The amount and timing of regular rental payments;
(3) The total number of payments necessary and the total amount to be paid to acquire ownership;
(4) The amounts and purpose of any other payment, charge, or fee in addition to the regular periodic rental payment;
(5) That the consumer does not acquire any ownership rights until the consumer has complied with the ownership terms of the agreement;
(6) 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
(7) Notice of the right to reinstate an agreement as provided in § 4-92-106(a).
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-92-105
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:4-92-105
Source file: gov.ar.code.title.04.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 92ff36f50d0b07b828b725417323e8e6d9c103dcde57df6cd6f59de9a77f1e51
Source location: content.xml paragraph 36118
Stored source content
4-92-105. Agreement — Provisions prohibited and required.
(a) A rental-purchase agreement shall not contain a provision:
(1) 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.
(b) A rental-purchase agreement must disclose:
(1) Whether the merchandise is new or used;
(2) The amount and timing of regular rental payments;
(3) The total number of payments necessary and the total amount to be paid to acquire ownership;
(4) The amounts and purpose of any other payment, charge, or fee in addition to the regular periodic rental payment;
(5) That the consumer does not acquire any ownership rights until the consumer has complied with the ownership terms of the agreement;
(6) 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
(7) Notice of the right to reinstate an agreement as provided in § 4-92-106(a).
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Arkansas Code — all titles (historical 2020) · legal_authorities
4-92-106. Agreement — Reinstatement.
(a) A consumer who fails to make a timely rental payment may reinstate an agreement without losing any rights or options previously acquired by either paying all rental and other charges due or returning the merchandise to the lessor within five (5) business days from the date of the last scheduled rental payment if the consumer pays rent monthly, or within two (2) business days from the date of the last scheduled rental payment if the consumer pays more frequently than monthly.
(b) Nothing in this section shall prevent the accrual of any late charges or reinstatement fees charged by the lessor.
(c) Nothing in this section shall prevent the lessor from attempting to repossess the merchandise during the reinstatement period, but the consumer's right to reinstate an agreement shall not expire because of the repossession.
(d) If the merchandise is returned during the applicable reinstatement period, other than through judicial process, the right to reinstate shall be extended for a period of not less than thirty (30) days after the date of the return of the merchandise.
(e) No consumer shall have the right to reinstate more than three (3) times during the term of any one (1) rental-purchase agreement.
(f) On reinstatement, the lessor shall provide the consumer with the same merchandise or shall substitute merchandise of comparable quality and condition. However, the lessor shall not be required to provide new disclosures upon reinstatement.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-92-106
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 4-92-106. This identifies an authority to review, not proof of applicability.