P.R. Laws tit. 10, § 2453
(a) Requirements for disclosure. — For each lease contract with purchase option, the lessor shall disclose the following information in the contract, as applicable:
(1) The total number, the total amount, and the term of all the lease payments needed to acquire the property.
(2) A statement that the lessee shall not become the owner of the property until the lessee has paid the total amount of the lease payments needed to acquire the property.
(3) A statement that the lessee is responsible for the market value of the property if it is lost, stolen, damaged, or destroyed. The market value of the property is determined at the moment in which it is lost, stolen, damaged, or destroyed.
(4) A brief description of the leased property that is sufficient for it to be identifiable by the lessor and the lessee, including an identification number, if applicable, and a statement indicating whether the property is new or used, but a statement indicating that the new property, if used, does not constitute a violation of this chapter.
(5) The total amount, in dollars, of the initial lease payment that has been made or shall be required on or before the validity of the contract or delivery of the property, whichever is last.
(6) A statement that the total amount in dollars of the lease payments needed to acquire the property, does not include other charges, such as processing charges, request charges, charges for late payment, noncompliance, charges for reinstatement, or other additional charges, which must be mentioned separately in the contract.
(7) A statement that clearly summarizes the terms of the lessee’s purchase option. Whether the lease contract with purchase option includes an early purchase option according to the formula specified in said contract.
(8) A statement identifying the party that is responsible for the maintenance or service of the property during the term of the lease, along with a description of said responsibility.
(9) A statement that the lessee shall end the contract without penalty handing over voluntarily or returning the property in good condition at the moment of expiration of any term of the lease, along with any lease payment that is unpaid at said moment.
(10) Notice of the right to reinstate a contract as provided in this chapter.
(11) Any other information that the Secretary deems necessary.
(b) The Federal Consumer Protection Act. — With regard to situations specifically contemplated by the Federal Consumer Credit Protection Act, 15 U. S. C. §§ 1601 et seq., compliance with said act, fulfills the requirements of this section.
History —Apr. 13, 2000, No. 67, § 4, eff. 30 days after Apr. 13, 2000.