Bill > SB74

This bill amends the Delaware Lease-Purchase Agreement Act by adding a new definition for "lease-purchase property" and making several technical modifications to existing statutes. The bill defines lease-purchase property as personal property owned by the lessor at the time it is physically displayed and offered for lease-purchase to the consumer, before executing any lease-purchase agreement. The legislation updates advertising requirements for lease-purchase agreements, including provisions for online and electronic commerce displays. Specifically, it mandates that advertisements must clearly disclose the nature of the lease-purchase transaction, the total payments needed to acquire ownership, and that the lessee will not own the property until full payment is made. The bill also introduces new provisions for electronically displaying pricing and ownership information for items offered through online platforms or third-party inventories, ensuring that consumers receive clear pricing and ownership details before entering into a lease-purchase agreement. These changes aim to provide more transparency and consumer protection in lease-purchase transactions by ensuring upfront and easily understandable information about the terms of the agreement.

Business and Industry

https://legis.delaware.gov/BillDetail?LegislationId=141943