Lease-Purchase Agreement Act

[AI summary unavailable — showing source text] Lease-Purchase Agreement Act - Amends the Consumer Credit Protection Act to exempt from the application of this Act agreements: (1) primarily for commercial or agricultural purposes; (2) between a lessor and any organization or government entity; (3) for the lease of a safe deposit box; or (4) for the lease or bailment of personal property that is incidental to the lease of real property. Defines "lease-purchase agreement," for the amendments made by this Act, to mean an agreement for use of personal property by a consumer, for an initial period of four months or less, that is automatically renewable with each payment and that permits but does not require purchase. Requires, on or before the consummation of any lease-purchase agreement, that the lessor provide certain disclosures, including: (1) charges, terms, and cash price; (2) the consumer's responsibilities for the property; and (3) possible transfer of the manufacturer's warranty on purchase. Requires each item displayed as available for lease-purchase to have a label disclosing only the cash price, whether the property is new or used, the amount and type of each payment, and the number and total amount of payments necessary …