SB1271 amends sections 44-6801 and 44-6810 of the Arizona Revised Statutes, focusing on rental-purchase agreements. The bill introduces the definition of "rental-purchase property" as personal property owned by the lessor at the time it is displayed and offered for rental-purchase before the execution of a rental-purchase agreement. It also allows lessors to electronically disclose specific information about rental-purchase property offered online, including the cash price, periodic payment amount, total number and amount of payments needed to acquire ownership, and the cost of rental. These disclosures must be made in visually clear Arabic numerals and provided before any other statutory disclosures required by section 44-6804.

The bill also addresses situations where the lessor does not own the personal property at the time it is displayed or offered for rental-purchase. In such cases, the lessor must electronically disclose the same information as for owned property, ensuring that the disclosures are clear, conspicuous, and made before the terms of the rental-purchase agreement are detailed to the lessee. Technical and conforming changes are made to the existing law, and the bill is set to become effective on the general effective date.

Statutes affected:
Introduced Version: 44-6801, 44-6810
Senate Engrossed Version: 44-6801, 44-6810
Chaptered Version: 44-6801, 44-6810