SB 1292 Summary

• Amends 59 O.S. 2011, Section 1954 to require rental-purchase agreements to disclose the maximum annual interest rate not to exceed 21% per annum, calculated and disclosed as a periodic rate.

• Extends reinstatement period from 2 days to 5 days for monthly payments (maintains 2 days for weekly payments) for consumers to cure missed payments without losing rights or options.

• Requires lessors to provide reinstatement rights for at least 30 days after property return, with replacement property of comparable quality and condition if substitute property is provided.

• Clarifies disclosure requirements for rental-purchase agreements including interest rates, fees, insurance options, liability limits, and ownership conditions.

• Effective date: November 1, 2012.