California Civil Code

§ 1812.644

CIV § 1812.644 Effective Jan 1, 2007Div. 3 · Title 2.96 · Part 4

Statute text

(a)A lessor shall maintain records that establish the lessor’s cost, as defined in subdivision (k) of Section 1812.622, for each item of personal property that is the subject of the rental-purchase agreement. A copy of each rental-purchase agreement and of the records required by this subdivision shall be maintained for two years following the termination of the agreement.

(b)The maximum cash price for the lessor’s first rental of the property that is the subject of the rental-purchase agreement may not exceed 1.65 times the lessor’s cost for computer systems and appliances, 1.7 times the lessor’s cost for electronic sets, 1.9 times the lessor’s cost for automotive accessories, furniture, jewelry, and musical instruments, and 1.65 times the lessor’s cost for all other items.

(c)The maximum total of payments may not exceed 2.25 times the maximum cash price that could have been charged for the first rental of the property under subdivision (b).

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Legislative history

Amended by Stats. 2006, Ch. 410, Sec. 5. Effective January 1, 2007.