P.R. Laws tit. 10, § 2454
(a) Information to be disclosed. — The information to be disclosed as required by this chapter must be disclosed in a lease contract with a purchase option, and shall:
(1) Be done clearly, conspicuously, and its provisions shall be ordered in a logical and separate manner as is appropriate for reading and clarity.
(2) Be done in writing.
(3) It does not need to be in a single document or to be done in the order specified in § 2453 of this title.
(4) May be supplemented at the moment with additional information or explanations provided by the lessor, but none shall be established, used, or included to deceive or confuse the lessee, or to contradict, obscure, or divert the attention from the additional information or explanations that could have the effect of evading or unnecessarily complicating the information to be disclosed as required by § 2453 of this title.
(b) Notice. — Each lease contract with an option to purchase shall include a notice in letters of not less than eight (8) points standard type size, which shall read as follows:
“NOTICE TO THE LESSEE: (1) DO NOT SIGN THIS LEASE CONTRACT WITH PURCHASE OPTION BEFORE READING IT. (2) YOU HAVE THE RIGHT TO RECEIVE A DULY COMPLETED COPY OF THIS CONTRACT. (3) UNDER THIS ACT, IF YOU ARE ENTITLED TO EXERCISE AN EARLY PURCHASE OPTION, THE CONTRACT MUST DESCRIBE THE FORMULA TO CALCULATE THE EARLY PURCHASE PRICE.”
(c) Time regulation. — The lessor shall disclose all the information required by § 2453 of this title before the perfection of the lease contract with purchase option. This information shall appear in writing on the front of the document that attests to the lease contract with purchase option.
(d) Copy to the lessee. —
(1) Before making any payment, the lessor shall supply the lessee with an exact copy of each lease contract with a purchase option. The contract shall be signed by the lessee, which shall be the evidence of the lessee’s agreement. If there is more than one lessee in a lease contract with an option to buy, the handing in of a copy of the lease contract with an option to buy to one of the lessees constitutes compliance with this paragraph; however, a lessee who does not sign the contract is not bound by it unless otherwise provided by any other law.
(2) Any acknowledgement of the receipt of the lease of the receipt of a copy of the lease contract with a purchase option shall be printed or written in a size equal to at least ten (10) point bold type and, if it is provided in the lease contract with purchase option, it shall also appear over the space reserved for the lessee’s signature.
(3) The lessee’s written acknowledgement of receipt, pursuant to the requirements of this section regarding the remitting of a copy of the lease contract with a purchase option, shall create an irrefutable presumption of said remittance and of having complied with this section, in any action or proceeding for or against an assignee of the lease contract with a purchase option, if it does not have information to the contrary when the assignee acquired said contract.
(e) Letter size. — The terms of the lease contract with a purchase option, unless otherwise provided in this section, shall be printed or written in letters of not less than eight (8) point standard type.
History —Apr. 13, 2000, No. 67, § 5, eff. 30 days after Apr. 13, 2000.