(a) No lessor shall offer a rent-to-own agreement in which the total of rental payments necessary to acquire ownership exceeds twice the cash price of the rented property.
(b) When fifty per cent of all rental payments made by a lessee equals the cash price of the property disclosed to the lessee in the rent-to-own agreement, the lessee shall own the rented property and the rent-to-own agreement shall terminate.
(P.A. 91-162, S. 9, 18.)
Structure Connecticut General Statutes
Title 42 - Business, Selling, Trading and Collection Practices
Chapter 743i - Consumer Rent-to-Own Agreements
Section 42-240. - Definitions.
Section 42-241. - Written agreement. Information which must be disclosed.
Section 42-242. - Prohibited provisions.
Section 42-243. - Lessor prohibited from imposing certain charges upon lessee. Permitted charges.
Section 42-244. - Prohibited provisions void. Agreement not otherwise affected.
Section 42-245. - Liability damage waiver. Fee. Notice. Prohibitions and requirements.
Section 42-246. - Reinstatement of terminated agreement.
Section 42-249. - Lessee's early purchase option.
Section 42-250. - Advertisement of rent-to-own agreements. Disclosure.
Section 42-252. - Lessor's obligations.
Section 42-253. - Action must be brought within three years.