{"data":{"id":"us-ky/krs-367.977","jurisdiction":"us-ky","citation":"KRS 367.977","heading":"Necessary disclosures for rental-purchase agreement.","body":"(1) For each rental-purchase agreement, the lessor shall disclose the following items as\napplicable:\n(a) A brief description of the leased property, sufficient to identify the property to\nthe consumer and lessor;\n(b) The number, amount, and timing of all lease  payments necessary to acquire\nownership of the property;\n(c) The maximum amount of all initial and periodic payments and other charges\nto acquire ownership of the property pursuant to the ownership provision of\nthe rental-purchase agreement;\n(d) A statement that the consumer will not own the property until the consumer\nhas made the number of payments and the total of payments necessary to\nacquire ownership;\n(e) A statement that the total of payments does not include other charges such as\nlate payment, defa ult, pickup, and reinstatement fees, and that the consumer\nshould see the contract for an explanation of these charges;\n(f) If applicable, a statement that the consumer is responsible for the fair market\nvalue of the property if it is lost, stolen, damaged, or destroyed;\n(g) A statement indicating whether the property is new or used; however, a\nstatement that indicates new property is used is not a violation of KRS\n367.976 to 367.985;\n(h) A statement of the cash price of the property. If the agreement involves a lease\nfor five (5) or more items, a statement of the aggregate cash price of all items\nshall satisfy this requirement;\n(i) The total of initial payments required to be paid before consummation of the\nagreement or delivery of the property, whichever is later;\n(j) A statement clearly summarizing the terms of the consumer's options to\npurchase;\n(k) A statement identifying the party responsible for maintaining or servicing the\nproperty while it is being leased, together with the description of that\nresponsibility and a statement that, if any part of a manufacturer's express\nwarranty covers the leased property at the time the consumer acquires\nownership of the property, it will be transferred to the consumer, if allowed by\nthe terms of the warranty; and\n(l) The date of the transaction and the identities of the lessor and consumer.\n(2) With respect to matters specifically governed by the Federal Consumer Credit\nProtection Act, compliance with that act shall satisfy the requirements of this\nsection.\n(3) Subsection (1) of this section shall not apply to a lessor who complies with the\ndisclosure requirements of Section 182 of the Federal Consumer Credit Protection\nAct, 15 U.S.C.A. 1667a, 90 Stat. 250, with respect to a rental -purchase agreement\nentered into with a consumer.","path":["KRS Chapter 367"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=35149","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:06Z","sha256":"fe94561576ab73472f624edf76fa2c2e7f11b8aa2326bac58f14e3464973ac13","source_id":"us-ky","stale":false,"prev":"us-ky/krs-367.976","next":"us-ky/krs-367.978"},"notice":"GroundRules: Original legal text. Not legal advice."}