Mass. Gen. Laws ch. 93 § 91

Current through Chapter 223 of the 2024 Legislative Session

Section 93:91 - Written statement of information prior to execution of lease

Each lessor shall give to the lessee prior to the execution of the lease a dated written statement on which the lessor and lessee are identified, setting out accurately and in a clear and conspicuous manner the following information with respect to such lease, as applicable:

(i) a brief description or identification of the leased property, including whether the property is new or used;

(ii) the amount of any payment required by the lessee at or before the execution of the lease;

(iii) the amount paid or payable by the lessee for fees or taxes;

(iv) the amount and description of other charges payable by the lessee and not included in the periodic payments;

(v) if an ongoing option to purchase shall exist, a statement of the method of determining the purchase price at any point in time;

(vi) a 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 party's responsibility;

(vii) a brief description of insurance provided or paid for by the lessor or required of the lessee, including the types and amounts of the coverages and costs;

(viii) a statement that the lessee acquires no ownership rights in the property until the total amount necessary to acquire ownership is paid or any available ongoing purchase option is exercised;

(ix) the number, amount and due dates or periods of payments under the lease and the total amount of such periodic payments necessary to acquire ownership of the leased property by making periodic payments;

(x) a statement that the lessee may terminate the consumer lease without penalty by voluntarily surrendering or returning the property in good repair upon expiration of any lease period along with any past due payments or charges;

(xi) the date of the transaction and the identities of the lessor and lessee;

(xii) notice of the lessee's right to reinstate a consumer lease as provided in section 92B; and

(xiii) the party liable for loss, damage in excess of normal wear and tear or destruction of the leased property.

The disclosures required pursuant to this section may be made in the lease contract to be signed by the lessee or in a separate written document which shall be attached to the lease contract. Any of the information required to be disclosed pursuant to this section may be given in the form of estimates where the lessor is not in a position to know the exact information.

Mass. Gen. Laws ch. 93, § 91

Amended by Acts 2014, c. 501,§ 2, eff. 4/8/2015.