NRS597.030. Lease agreement: Disclosures required; exception to requirement; provision of copy to customer.

      1.  Except as otherwise provided in subsection 2, a lease agreement with an option to purchase must contain the following disclosures, if applicable:

      (a) The total number and total amount of all payments which are necessary to acquire ownership of the leased property, and the dates on which those payments are due.

      (b) A statement that the customer will not own the leased property until he or she makes all of the payments necessary to acquire ownership.

      (c) A statement that the customer is responsible for the fair market value of the leased property if it is lost, stolen, damaged or destroyed.

      (d) A brief description of the leased property which is sufficient to identify the property to the customer and lessor, including:

             (1) The identification number of the property, if available; and

             (2) A statement indicating whether the property is new or used. It is not a violation of this section to indicate that new property is used.

      (e) A brief description of any damage to the leased property.

      (f) A statement of the price at which the lessor will sell the leased property to the customer for cash on the date of the agreement. If at least five items are leased as a set in a single agreement, the aggregate price of all of the items leased may be indicated.

      (g) The total amount of the payments required to be paid at or before the consummation of the agreement or the delivery of the leased property, whichever is later.

      (h) A statement that the total amount of all payments required to be paid does not include other fees which may be charged.

      (i) A statement of all other fees which may be charged, including, but not limited to, fees for:

             (1) The failure to make timely payments.

             (2) Defaulting on the agreement.

             (3) Reinstating the agreement.

             (4) Returning the leased property to the lessor.

      (j) A summary of the terms of the customer’s option to purchase the leased property, including a statement that the customer has the right to purchase the leased property at any time before the termination of the lease, and the price at which the property may be so purchased.

      (k) A statement identifying the person who is responsible for maintaining and servicing the property while it is being leased, and a description of that responsibility.

      (l) A statement that if any part of the manufacturer’s express warranty covers the leased property when the customer acquires ownership of the property, it will be transferred to the customer if allowed by the terms of the warranty.

      (m) The date of the transaction and the names of the customer and lessor.

      (n) A statement that the customer may terminate the agreement without penalty by voluntarily surrendering or returning the leased property in good repair at the expiration of the term of the lease, and paying any rental payments that are past due.

      (o) A notice of the customer’s right to reinstate the agreement pursuant to NRS 597.070.

      2.  A lessor is not required to comply with the provisions of this section if the transaction is governed by Part E of the Consumer Credit Protection Act, 15 U.S.C. §§ 1667 to 1667e, inclusive, and the lessor complies with the requirements of those sections and the regulations adopted pursuant thereto.

      3.  The lessor shall provide the customer with a copy of the lease agreement with an option to purchase.

      (Added to NRS by 1991, 516)