P.R. Laws tit. 10, § 2403
Every personal property lease contract, covered by this chapter, shall include the following information prominently for reading, without it being understood as a limitation of any other information that any of the parties wishes to include:
(1) Name and address of the supplier, the provider, and the person responsible for honoring the warranties. Disclosure of the identity of the supplier and the provider shall not release the person responsible for honoring the warranties of his/her liability to provide the same in Puerto Rico.
(2) Name and address of the lessee.
(3) Name and address of the lessor.
(4) Description of the personal property, subject to the lease contract.
(5) Purchase price and cost of the chattel, subject to the lease contract.
(6) Number of payments to be made, amount of the down payment, if any, itemized into the rate and any other amount, in addition to its expiration date, including the final payment.
(7) Amount to which the residual value increases.
(8) Amount paid to the supplier through the down payment.
(9) Delinquency charges.
(10) Total amount of the lease contract financing charges.
(11) Amount to be paid for insurance and description of the applicable insurance coverage included, if arranged by the lessor on request of the lessee. Every institution engaged in financing the acquisition of motor vehicles by individuals, through a lease, shall provide each individual requesting said financing a form stating the following written notice in a clear and prominent text and in captions:
“IMPORTANT NOTICE: IT IS THE RIGHT OF EVERY CONSUMER TO CHOOSE HIS/HER PREFERRED INSURANCE AGENT OR BROKER OR INSURANCE COMPANY TO OBTAIN ANY INSURANCE NEEDED IN RELATION TO THE ACQUISITION OF A MOTOR VEHICLE. NO FINANCIAL INSTITUTION SHALL REQUIRE THAT THE CONSUMER OBTAIN, AS A CONDITION FOR THE FINANCING OF SAID VEHICLE, INSURANCE FROM A PARTICULAR AGENT OR BROKER OR INSURANCE COMPANY. HOWEVER, THE FINANCIAL INSTITUTION MAY ESTABLISH STANDARDS IN TERMS OF THE TYPE OF INSURANCE COVERAGE OR THE EXTENT OF FINANCIAL SOLIDITY IT SHALL REQUIRE FROM THE INSURANCE COMPANY.”
Furthermore, before the applicant signs the aforesaid loan or financial lease contract, the financial institution shall obtain from the individual a written confirmation that he/she received the notice described above. The financial institution shall keep said confirmation in its records during the effectiveness of the contract.
(12) Penalty, when applicable, for termination of the lease contract before the stipulated term and special conditions that do not involve any penalty.
(13) The conditions or requirements for the lessee to assign the possession and the obligation arising from the lease contract, to a third person.
(14) The formula or norms to be applied to determine wear and tear (el uso y desgaste excesivo) if the lessee is responsible for it.
(15) Price or method fixed for the option.
(16) Lessee’s total obligation under the contract.
(17) Annual percentage rate.
(18) Any other information the Commissioner deems important or needed to be included.
If any of the previous subsections does not apply to any lease contract because of its nature, it shall be exempted thereof, but this is not the case in consumer leases, in which all the above prerequisites shall be mandatory. This information shall be presented in a separate form from the rest of the contract’s provisions.
In the case of operating leases, they shall be exempted from complying with subsections (5), (7), (10) and (17) of this section.
History —Aug. 13, 1994, No. 76, § 5; Sept. 6, 1996, No. 192, § 2; July 23, 2008, No. 126, § 1, eff. 90 days after July 23, 2008.