KRS 367.977: Necessary disclosures for rental-purchase agreement.

(1) For each rental-purchase agreement, the lessor shall disclose the following items as

applicable:

(a) A brief description of the leased property, sufficient to identify the property to

the consumer and lessor;

(b) The number, amount, and timing of all lease payments necessary to acquire

ownership of the property;

(c) The maximum amount of all initial and periodic payments and other charges

to acquire ownership of the property pursuant to the ownership provision of

the rental-purchase agreement;

(d) A statement that the consumer will not own the property until the consumer

has made the number of payments and the total of payments necessary to

acquire ownership;

(e) A statement that the total of payments does not include other charges such as

late payment, defa ult, pickup, and reinstatement fees, and that the consumer

should see the contract for an explanation of these charges;

(f) If applicable, a statement that the consumer is responsible for the fair market

value of the property if it is lost, stolen, damaged, or destroyed;

(g) A statement indicating whether the property is new or used; however, a

statement that indicates new property is used is not a violation of KRS

367.976 to 367.985;

(h) A statement of the cash price of the property. If the agreement involves a lease

for five (5) or more items, a statement of the aggregate cash price of all items

shall satisfy this requirement;

(i) The total of initial payments required to be paid before consummation of the

agreement or delivery of the property, whichever is later;

(j) A statement clearly summarizing the terms of the consumer's options to

purchase;

(k) A statement identifying the party responsible for maintaining or servicing the

property while it is being leased, together with the description of that

responsibility and a statement that, if any part of a manufacturer's express

warranty covers the leased property at the time the consumer acquires

ownership of the property, it will be transferred to the consumer, if allowed by

the terms of the warranty; and

(l) The date of the transaction and the identities of the lessor and consumer.

(2) With respect to matters specifically governed by the Federal Consumer Credit

Protection Act, compliance with that act shall satisfy the requirements of this

section.

(3) Subsection (1) of this section shall not apply to a lessor who complies with the

disclosure requirements of Section 182 of the Federal Consumer Credit Protection

Act, 15 U.S.C.A. 1667a, 90 Stat. 250, with respect to a rental -purchase agreement

entered into with a consumer.