The Law of Commercial Leasing in Canada 1999



APPENDIX "A"

EXTRACT FROM THE REPORT OF THE STUDY COMMITTEE ON A PROPOSED CONSUMER LEASING ACT NATIONAL CONFERENCE OF COMMISSIONERS ON UNIFORM STATE LAWS

July 1995
pp. 3 - 4


The actual list of topics to be covered in a uniform leasing act must be left to a drafting committee and to the NCCUSL. The list of topics that have been incorporated in consumer leasing laws or have been considered by state legislatures and in their regulatory bodies should serve as an agenda for a drafting committee, although a drafting committee should not be confined to these topics alone. The most important topics to be considered will include:

(g) Clarifying the power of a lessor by contract to have consumers agree not to assert defences against assignees;

(h) Clarifying the ability of consumers to cure defaults by reinstating the lease contract;

(i) Clarifying early termination rights for both lessor and lessee;

(j) Clarifying rights of repossession and disposition of leased goods on default or at the conclusion of the lease;

(k) Clarifying the liability for total theft or casualty loss of leased goods and any gap between the gross early termination liability and the value of the leased goods under the insurance policy;

(l) Balancing the interests of lessors and lessee with respect to charges for excess wear and tear of leased goods;

(m) Balancing the interests of lessors and lessees with respect to prohibitions of assignments of the lease by the consumer;

(n) Clarifying quality commitments, including express warranties, implied warranties and lemon laws;

(o)  Requiring disclosure of various terms the most important of which are the capitalized cost of the leased asset and some figure, such as an APR, to allow comparison shopping.

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