OK HB2626

Prohibits rental contracts for goods or services (where terms are drafted by the provider) from containing automatic renewal provisions extending the initial term beyond six months, while allowing parties to enter new contracts at term's end

Adds new definitions to the Oklahoma Rental-Purchase Act including "initial fee," "initial period," "lessee," and clarifies that property "displayed or offered primarily for rental-purchase" means items at locations deriving 50% or more of revenue from rental-purchase agreements

Requires separate pre-contract disclosures for property not primarily offered for rental-purchase, including cash price, periodic payment amount, and total number/amount of payments needed to acquire ownership

Mandates a signed "Acknowledgment of Rental-Purchase Transaction" for non-primary rental-purchase items, informing consumers the agreement is not a credit transaction and explaining return/reinstatement rights

Effective date: November 1, 2016