The proposed bill SB1271 amends existing laws regarding rental-purchase agreements in Arizona, specifically focusing on the advertisement and disclosure requirements for personal property offered for rental-purchase. The bill introduces a definition for "rental-purchase property," which specifies that it must be owned by the lessor at the time it is displayed and offered to consumers. It allows for electronic disclosures of key information, such as the cash price, periodic payment amount, total payments required for ownership, and rental costs, particularly when the property is offered online. This information must be presented in clear Arabic numerals before other statutory disclosures.

Additionally, the bill mandates that if a lessor offers personal property not owned by them for rental-purchase, they must also provide the same electronic disclosures prior to any other required disclosures. The changes aim to enhance transparency for consumers engaging in rental-purchase agreements, especially in online transactions, while making technical adjustments to the existing legal language. Overall, the bill seeks to modernize the rental-purchase process and ensure consumers are well-informed about their agreements.

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