Posted by Ben (OH) on October 03, 2003 at 13:22:58:
The error of my ways have been pointed out:
Definitions:
(E) “Personal property” means any property that is not real property under the laws of the state where it is located when it is offered or made available for a lease-purchase agreement.
(F) “Lease-purchase agreement” means an agreement for the use of personal property by an individual primarily for personal, family, or household purposes for an initial period of four months or less that is automatically renewable with each lease payment after the initial period and that permits the lessee to acquire ownership of the property. It does not include any of the following:
…
(If you’re in Ohio, check it out, note specific language you must have in 1351.02.14)
Here’s some of what I read, and then I need help understanding how this is anything other than a mandated 50% Rent Credit! (esp. see part B, since it’s probably unlikely that part A will come to pass)
1351.06 Lessee’s right to acquire ownership when 50% of payments equals cash price.
(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.