{"data":{"id":"us-me/9-a-m.r.s.-11-114","jurisdiction":"us-me","citation":"9-A M.R.S. §11-114","heading":"Consumer's right to acquire ownership when 50% of payments equals cash price","body":"1.   The total number of rental payments necessary to acquire ownership of the property under any rental-purchase agreement may not exceed 2 times the cash price of the property.  When 50% of all rental payments made by a consumer equals the cash price of the property disclosed to the consumer pursuant to section 11‑108, subsection 1, paragraph E, the consumer acquires ownership of the property and the rental-purchase agreement terminates.\n2.   At any time after tendering an initial lease payment, a consumer may acquire ownership of the property that is the subject of the rental-purchase agreement by tendering an amount equal to the amount by which the cash price of the rented property exceeds 50% of all rental payments made by the consumer.\n3.   It is not a violation of this section for the merchant and the consumer to agree in writing to allow the consumer to acquire ownership of the property for a lesser amount than the maximum limits set forth in subsections 1 and 2.","path":["TITLE 9-A: MAINE CONSUMER CREDIT CODE","PART 4: REMEDIES AND PENALTIES","ARTICLE 11: RENTAL-PURCHASE PRACTICES"],"source_url":"https://legislature.maine.gov/statutes/9-A/title9-Asec11-114.html","current_through":"October 1, 2025","vintage":"","retrieved_at":"2026-09-04T15:12:24Z","sha256":"63bbb7a902b270c6022bf1538d10950c817c90f828e8ac1a49d3f669cc808faa","source_id":"us-me","stale":false,"prev":"us-me/9-a-m.r.s.-11-113","next":"us-me/9-a-m.r.s.-11-115"},"notice":"GroundRules: Original legal text. Not legal advice."}