49(1)A lessor shall ensure that the initial disclosure statement for a lease contains the following information:
(a)
the effective date of the statement;
(b)
that the transaction is a lease;
(c)
a description of the leased goods;
(d)
the term;
(e)
the cash value of the leased goods;
(f)
the nature and amount of any other advance received, and of each charge incurred, by the lessee in connection with the lease at or before the beginning of the term;
(g)
the nature and amount of each payment made by the lessee at or before the beginning of the term;
(h)
the capitalized amount;
(i)
the amount, timing and number of the periodic payments;
(j)
the estimated residual value of the leased goods;
(k)
for an option lease,
(i)
how and when the option may be exercised,
(ii)
the option price if the option is exercised at the end of the term, and
(iii)
the method of determining the option price if the option is exercised before the end of the term;
(l)
for a residual obligation lease,
(i)
the estimated residual cash payment, and
(ii)
a statement that the lessee’s maximum liability at the end of the term is the sum of
(A)
the estimated residual cash payment, and
(B)
the estimated residual value less the realizable value of the leased goods;
(m)
the circumstances, if any, under which the lessee or the lessor may terminate the lease before the end of the term and the amount, or the method of determining the amount, of any payment that the lessee will be required to make on early termination of the lease;
(n)
if there are circumstances under which the lessee will be required to make a payment in connection with the lease and if that payment is not required to be disclosed under paragraphs (a) to (m),
(i)
the circumstances, and
(ii)
the amount of the payment or the method of determining the amount;
(o)
the implicit finance charge;
(p)
the APR; and
(q)
the total lease cost.
49(2)The circumstances referred to in paragraph (1)(n) include unreasonable wear or excess use of the leased goods.
49(1)A lessor shall ensure that the initial disclosure statement for a lease contains the following information:
(a)
the effective date of the statement;
(b)
that the transaction is a lease;
(c)
a description of the leased goods;
(d)
the term;
(e)
the cash value of the leased goods;
(f)
the nature and amount of any other advance received, and of each charge incurred, by the lessee in connection with the lease at or before the beginning of the term;
(g)
the nature and amount of each payment made by the lessee at or before the beginning of the term;
(h)
the capitalized amount;
(i)
the amount, timing and number of the periodic payments;
(j)
the estimated residual value of the leased goods;
(k)
for an option lease,
(i)
how and when the option may be exercised,
(ii)
the option price if the option is exercised at the end of the term, and
(iii)
the method of determining the option price if the option is exercised before the end of the term;
(l)
for a residual obligation lease,
(i)
the estimated residual cash payment, and
(ii)
a statement that the lessee’s maximum liability at the end of the term is the sum of
(A)
the estimated residual cash payment, and
(B)
the estimated residual value less the realizable value of the leased goods;
(m)
the circumstances, if any, under which the lessee or the lessor may terminate the lease before the end of the term and the amount, or the method of determining the amount, of any payment that the lessee will be required to make on early termination of the lease;
(n)
if there are circumstances under which the lessee will be required to make a payment in connection with the lease and if that payment is not required to be disclosed under paragraphs (a) to (m),
(i)
the circumstances, and
(ii)
the amount of the payment or the method of determining the amount;
(o)
the implicit finance charge;
(p)
the APR; and
(q)
the total lease cost.
49(2)The circumstances referred to in paragraph (1)(n) include unreasonable wear or excess use of the leased goods.