{"data":{"id":"us-ok/okla.-stat.-tit.-59-59-1954","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 59, § 59-1954","heading":"Disclosures required - Prohibited provisions -","body":"Reinstatement rights - Advertisement contents\n\nA. The disclosures required by the Oklahoma Rental-Purchase\n\nAct:\n\n1. Shall be made clearly and conspicuously;\n\n2. Shall be in writing, a copy of which shall be delivered to\n\nthe lessee;\n\n3. May use terminology different from that employed in the\n\nOklahoma Rental-Purchase Act if it conveys substantially the same\n\nmeaning;\n\n4. May be supplemented by additional information or\n\nexplanations supplied by the lessor;\n\n5. Shall comply with the provisions of the Oklahoma Rental-\n\nPurchase Act although rendered inaccurate by any act, occurrence, or\n\nagreement, subsequent to the required disclosure;\n\n6. Shall be made to the person who signs the rental-purchase\n\nagreement, except that in a transaction involving more than one\n\nlessee, a disclosure statement or a copy of the agreement need not\n\nbe given to more than one of the lessees; and\n\n7. Shall be made by the lessor specified on the rental-purchase\n\nlicense.\n\nB. A rental-purchase agreement shall disclose the following\n\nitems, as applicable:\n\n1. Whether the property is new or used;\n\n2. The period and amount of payments;\n\n3. The total number of payments necessary and the total amounts\n\nto be paid to acquire ownership of the merchandise;\n\n4. The amount and purpose of any other payment, charge or fee\n\nin addition to the regular periodic payments;\n\n5. Whether the consumer is liable for loss or damage to the\n\nrental property, and if so, the maximum amount for which the\n\nconsumer may be liable;\n\n6. The amount of any deposit required by lessor and the\n\nconditions under which it shall be refundable or nonrefundable;\n\n7. If applicable, that the lessee may purchase from the lessor\n\ninsurance to cover the property or a waiver of liability for damage\n\nto or destruction of the property, and the amount of any such charge\n\nor fee. The insurance or waiver of liability coverage may be\n\noffered to the lessee at any time during the term of the rental-\n\npurchase agreement; and\n\n8. That the consumer does not acquire ownership rights unless\n\nthe consumer has complied with the ownership terms of the agreement.\n\nC. A rental-purchase agreement may not contain a provision:\n\n1. Requiring a confession of judgment;\n\n2. Authorizing a lessor or an agent of the lessor to commit a\n\nbreach of the peace in the repossession of rental property;\n\n3. Waiving any defense, counterclaim, or right the lessee may\n\nhave against the lessor or an agent of the lessor;\n\n4. Requiring the purchase of insurance from the lessor to cover\n\nthe rental property; provided, however, that the lessor may offer to\n\nthe lessee any such insurance if it is clearly and conspicuously\n\ndisclosed on the face of the agreement of insurance, in print not\n\nless than 8-point boldface type, that the purchase of any such\n\ninsurance by the lessee from the lessor is optional. Lessors\n\noffering any such insurance must comply with the rules and\n\nregulations governing the offering for sale and sale of insurance in\n\nthe State of Oklahoma, and the offering for sale and sale of such\n\ninsurance shall be governed and regulated by the State of Oklahoma\n\nCommissioner of Insurance;\n\n5. Requiring the purchase of a waiver of liability from the\n\nlessor for damage to or destruction of the property; provided,\n\nhowever, that the lessor may offer to the lessee any such waiver of\n\nliability if it is clearly and conspicuously disclosed on the face\n\nof the waiver of liability agreement, in print not less than 8-point\n\nboldface type, that the purchase of any such waiver of liability by\n\nthe lessee from the lessor is optional; and\n\n6. Requiring the payment of any fee in an amount that is in\n\nexcess of the range of fees usually or customarily charged by\n\nproviders of similar services or products. Any rent due and charges\n\nor fees assessed may be held from the payment or may be accrued and\nh waiver of liability by\n\nthe lessee from the lessor is optional; and\n\n6. Requiring the payment of any fee in an amount that is in\n\nexcess of the range of fees usually or customarily charged by\n\nproviders of similar services or products. Any rent due and charges\n\nor fees assessed may be held from the payment or may be accrued and\n\ncollected when possible.\n\nD. A rental-purchase agreement shall provide reinstatement\n\nrights as follows:\n\n1. A consumer who fails to make a timely payment may reinstate\n\na rental-purchase agreement without losing rights or options\n\npreviously acquired, by arranging with the lessor to make the past\n\ndue payments, within two (2) days after the due date of the payment\n\nand by arranging to pay any fees due or by returning the property\n\nwithin two (2) days if the lessor so requests. Provided, nothing\n\nherein shall prevent the lessor from modifying payment arrangements\n\nto allow the consumer to make the account current and to accrue any\n\ncharges due or any rent due to be paid at some future agreed upon\n\ndate. Partial payment agreements shall provide for the rent to be\n\nprorated with notice to the consumer of the next due date; and\n\n2. If the rental property is returned during the reinstatement\n\nperiod, other than through judicial process, the right to reinstate\n\nthe agreement shall be extended for a period of not less than thirty\n\n(30) days after the date of the return of the property. Upon\n\nreinstatement, the lessor shall provide the lessee with the same\n\nrental property or substitute property of comparable quality and\n\ncondition. If substitute property is provided, the lessor shall\n\nprovide the lessee with the disclosures required in subsection B of\n\nthis section. Notice of the right to reinstate shall be disclosed\n\nin the agreement.\n\nE. An advertisement for a rental-purchase agreement that states\n\nthe amount of a payment and the right to acquire ownership of any\n\none particular item must clearly and conspicuously state:\n\n1. That the transaction advertised is a rental-purchase\n\nagreement; and\n\n2. The total amount and the number of payments necessary to\n\nacquire ownership.\n\nF. Any consumer neglect of the merchandise resulting in\n\nreasonable repairs will be the responsibility of the consumer and\n\ncharges for such repair may be received in payments agreed upon by\n\nthe lessor according to an agreed upon payment schedule.\n\nG. When property that is not displayed or offered primarily for\n\nrental-purchase is offered for rental-purchase, the following shall\n\nbe separately disclosed prior to the disclosures required by\n\nsubsection B of this section:\n\n1. The cash price of the property;\n\n2. The amount of the periodic rental payment; and\n\n3. The total number and amount of periodic rental payments\n\nnecessary to acquire ownership of the property.\n\nH. In addition to the disclosures required by subsections B and\n\nG of this section, if the property that is the subject of a rental-\n\npurchase agreement was not displayed or offered primarily for\n\nrental-purchase prior to the rental-purchase transaction, the\n\nfollowing additional disclosures shall be made on a separate page\n\ntitled \"Acknowledgment of Rental-Purchase Transaction\" and signed by\n\nthe lessee:\n\n1. That the agreement is a rental-purchase agreement and the\n\nlessee does not own the merchandise but can obtain ownership by\n\nusing ownership options provided in the agreement;\n\n2. That the agreement is not a credit transaction;\n\n3. That the lessee has the right to return the merchandise to\n\nthe lessor without additional charge or penalty at any time and will\n\nowe nothing further except unpaid rent charges and fees;\n\n4. That if the lessee returns the property, the agreement\n\noffers reinstatement rights which allow the lessee to get the\n\nproperty back if the lessee has complied with the agreement and the\n\nlaw;\ntransaction;\n\n3. That the lessee has the right to return the merchandise to\n\nthe lessor without additional charge or penalty at any time and will\n\nowe nothing further except unpaid rent charges and fees;\n\n4. That if the lessee returns the property, the agreement\n\noffers reinstatement rights which allow the lessee to get the\n\nproperty back if the lessee has complied with the agreement and the\n\nlaw;\n\n5. That the lessee has been advised of and reviewed the\n\nlessor's cash price of the property, the amount of any periodic\n\npayment and the total number and amount of periodic payments\n\nnecessary to acquire ownership of the property; and\n\n6. That the lessee has reviewed and acknowledged the terms of\n\nthe agreement, including the purchase option rights and the total\n\ncost if all scheduled payments are made.","path":["OK Code","Title 59"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os59.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"e21bf4c221d0de5a12f8cf888a68f01ce1abae7852a99612059f09c43dc67223","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-59-59-1953","next":"us-ok/okla.-stat.-tit.-59-59-1955"},"notice":"GroundRules: Original legal text. Not legal advice."}