Spiros Mantzavinos
- Democratic
- Senator
- District 7
Primary
This Act amends Title 6 by adding "lease-purchase property" to the Delaware Lease-Purchase Agreement Act. Pursuant to the Act, "lease-purchase property" means personal property that is owned by the lessor at the time it is displayed and offered for lease-purchase to the consumer. The Act provides that, for lease-purchase property offered online and available for online sale or sale by e-commerce, a lessor may satisfy the lessor's disclosure obligations under § 7606(c) by electronic disclosure. Similarly, for personal property, other than lease-purchase property, that is offered for lease-purchase by a lessor, the lessor must disclose electronically the cash price of the item and the amount of the lease payment and the total amount of lease payments necessary to acquire ownership. These disclosures must be made before any of the disclosures required by § 7603 of the Delaware Lease-Purchase Agreement Act. Finally, the Act makes technical corrections to conform existing law to the standards of the Delaware Legislative Drafting Manual.
Signed by Governor
Passed By House. Votes: 32 YES 9 ABSENT
Reported Out of Committee (Economic Development/Banking/Insurance & Commerce) in House with 12 On Its Merits
Assigned to Economic Development/Banking/Insurance & Commerce Committee in House
Passed By Senate. Votes: 20 YES 1 ABSENT
Reported Out of Committee (Banking, Business, Insurance & Technology) in Senate with 3 Favorable, 4 On Its Merits
Introduced and Assigned to Banking, Business, Insurance & Technology Committee in Senate
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