Okla. Stat. tit. 14A, § 14A-2-311
This is the official text of Okla. Stat. tit. 14A, § 14A-2-311, part of Oklahoma’s Stat. tit. 14A, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 14A,." Browse the sections below, each linked to its official government source.
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Consumer leases
Official statutory text
With respect to a consumer lease the lessor shall give to the
lessee the following information:
(1) brief description or identification of the personal
property leased;
(2) amount of any payment required at the inception of the
lease;
(3) amount paid or payable for official fees, registration,
certificate of title, or license fees or taxes;
(4) amount of other charges not included in the periodic
payments and a brief description of the charges;
(5) brief description of insurance to be provided or paid for
by the lessor or required of the lessee, including the types and
amounts of the coverages and costs;
(6) number of periodic payments, the amount of each payment,
the due date of the first payment, the due dates of subsequent
payments or interval between payments, and the total amount payable
by the lessee;
(7) statement of the conditions under which the lessee or
lessor may terminate the lease prior to the end of the term and the
amount or method of determining any penalty or other charge for
delinquency, default, late payments or early termination;
(8) statements of the liabilities the lease imposes upon the
lessee at the end of the term; whether or not the lessee has the
option to purchase the leased property and at what price and time;
Oklahoma Statutes - Title 14A. Consumer Credit Code Page 64
that the lessee shall be liable for the differential, if any,
between the anticipated fair market value of the leased property and
its appraised actual value at the termination of the lease if the
lessee has such liability; of the fair market value of the property
at the inception of the lease, the aggregate cost of the lease on
expiration, and the differential between them, where the lease
provides that the lessee shall be liable for the anticipated fair
market value of the property on expiration of the lease; that the
estimated residual value is a reasonable approximation of the
anticipated actual fair market value of the property on lease
expiration where the lessee's liability on expiration of the lease
is based on the estimated residual value of the property; and that
the lessee, if the lease has a residual value provision at its
termination, may obtain at his expense a professional appraisal of
the leased property by an independent third party agreed to by both
parties which shall be final and binding on the parties;
(9) statement identifying all express warranties and guarantees
made by the manufacturer or lessor with respect to the leased
property and identifying the party responsible for maintaining or
servicing the leased property together with a description of the
responsibility; and
(10) description of any security interest held or to be retained
by the lessor in connection with the lease and a clear
identification of the property to which it relates.
lessee the following information:
(1) brief description or identification of the personal
property leased;
(2) amount of any payment required at the inception of the
lease;
(3) amount paid or payable for official fees, registration,
certificate of title, or license fees or taxes;
(4) amount of other charges not included in the periodic
payments and a brief description of the charges;
(5) brief description of insurance to be provided or paid for
by the lessor or required of the lessee, including the types and
amounts of the coverages and costs;
(6) number of periodic payments, the amount of each payment,
the due date of the first payment, the due dates of subsequent
payments or interval between payments, and the total amount payable
by the lessee;
(7) statement of the conditions under which the lessee or
lessor may terminate the lease prior to the end of the term and the
amount or method of determining any penalty or other charge for
delinquency, default, late payments or early termination;
(8) statements of the liabilities the lease imposes upon the
lessee at the end of the term; whether or not the lessee has the
option to purchase the leased property and at what price and time;
Oklahoma Statutes - Title 14A. Consumer Credit Code Page 64
that the lessee shall be liable for the differential, if any,
between the anticipated fair market value of the leased property and
its appraised actual value at the termination of the lease if the
lessee has such liability; of the fair market value of the property
at the inception of the lease, the aggregate cost of the lease on
expiration, and the differential between them, where the lease
provides that the lessee shall be liable for the anticipated fair
market value of the property on expiration of the lease; that the
estimated residual value is a reasonable approximation of the
anticipated actual fair market value of the property on lease
expiration where the lessee's liability on expiration of the lease
is based on the estimated residual value of the property; and that
the lessee, if the lease has a residual value provision at its
termination, may obtain at his expense a professional appraisal of
the leased property by an independent third party agreed to by both
parties which shall be final and binding on the parties;
(9) statement identifying all express warranties and guarantees
made by the manufacturer or lessor with respect to the leased
property and identifying the party responsible for maintaining or
servicing the leased property together with a description of the
responsibility; and
(10) description of any security interest held or to be retained
by the lessor in connection with the lease and a clear
identification of the property to which it relates.
Status: in_force · Read it on the official government site
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