Effective: June 29, 1988
Latest Legislation: House Bill 421 - 117th General Assembly
(A) No lessor shall offer a lease-purchase agreement in which fifty per cent of all lease payments necessary to acquire ownership of the leased property exceed the cash price of the leased property. When fifty per cent of all lease payments made by a lessee equals the cash price of the property disclosed to the lessee pursuant to division (A)(11) of section 1351.02 of the Revised Code, the lessee shall acquire ownership of the leased property and the lease-purchase agreement shall terminate.
(B) At any time after tendering an initial lease payment, a lessee may acquire ownership of the property that is the subject of the lease-purchase agreement by tendering an amount equal to the amount by which the cash price of the leased property exceeds fifty per cent of all lease payments made by the lessee.
Structure Ohio Revised Code
Title 13 | Commercial Transactions
Chapter 1351 | Lease-Purchase Agreements
Section 1351.01 | Lease-Purchase Agreement Definitions.
Section 1351.02 | Disclosures Required in Connection With Lease-Purchase Agreement.
Section 1351.03 | Provisions Prohibited in Lease-Purchase Agreement.
Section 1351.04 | Terms That May Not Be Required.
Section 1351.05 | Reinstatement of Agreement After Default.
Section 1351.06 | Acquiring Ownership When 50% of Payments Equals Cash Price.
Section 1351.07 | Advertisements - Mandatory Information to Be Supplied.