HB 6444 Summary

• Amends the Rental-Purchase Agreement Act to revise definitions of terms including "cash price," "lessee," "lessor," "periodic payment," and "total of payments."

• Requires rental-purchase agreements be in written form with specific disclosures including property description, initial and periodic payments, purchase options, cash price, and manufacturer's warranty information.

• Caps the purchase price option at the cash price minus 45% of all periodic rental payments made, with ownership automatically transferring once 45% of total periodic payments equal the disclosed cash price.

• Establishes a maximum total of payments limit of 2.25 times the cash price for leased property under a rental-purchase agreement.

• Requires lessor to disclose all agreement terms in clear language before signing, with a prominent notice stating the agreement is regulated by state law and enforceable by the Attorney General or private legal action.