House Bill 0817

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    Florida House of Representatives - 1999                 HB 817

        By Representative Futch






  1                      A bill to be entitled

  2         An act relating to motor vehicle lease

  3         disclosure; amending s. 521.004, F.S.;

  4         requiring disclosure to the lessee, prior to

  5         the time the lease is signed as to the effect

  6         with respect to the lease contract if the

  7         lessee or co-lessee dies before the expiration

  8         of the contract; providing an effective date.

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10  Be It Enacted by the Legislature of the State of Florida:

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12         Section 1.  Section 521.004, Florida Statutes, 1998

13  Supplement, is amended to read:

14         521.004  Disclosures.--A retail lessor must:

15         (1)  Disclose to the retail lessee in the lease

16  agreement in a separate blocked section, in capital letters of

17  at least 12-point bold type, with the appropriate amounts

18  specified, as follows:

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20                    THIS IS A LEASE AGREEMENT.

21                THIS IS NOT A PURCHASE AGREEMENT.

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23  PLEASE REVIEW THESE MATTERS CAREFULLY AND SEEK INDEPENDENT

24  PROFESSIONAL ADVICE IF YOU HAVE ANY QUESTIONS CONCERNING THIS

25  TRANSACTION. YOU ARE ENTITLED TO AN EXACT COPY OF THE

26  AGREEMENT YOU SIGN.

27         CAPITALIZED COST             $.................

28           (Your total cost of goods, services, & fees.)

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30         CAPITALIZED COST REDUCTION   $.................

31           (Your total credits.)

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CODING: Words stricken are deletions; words underlined are additions.






    Florida House of Representatives - 1999                 HB 817

    531-168-99






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  2         ADJUSTED OR NET CAPITALIZED COST $.............

  3           (Your net cost of goods, services, & fees.)

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  5  For purposes of this subsection, that portion of the

  6  disclosure stating the terms "capitalized cost," "capitalized

  7  cost reduction," and "adjusted or net capitalized cost," and

  8  the explanations contained in the parentheticals, as well as

  9  their respective amounts, are not required to be disclosed if

10  the terms "gross capitalized cost," "capitalized cost

11  reduction," and "adjusted capitalized cost" and the

12  descriptions and disclosures set forth and required by the

13  federal Consumer Leasing Act, 15 U.S.C. s. 1667 et seq., and

14  Federal Reserve Board Regulation M. 12 C.F.R. part 213, are

15  set forth elsewhere in the lease agreement.

16         (2)  Provide the retail lessee with a copy of each

17  document signed by the retail lessee during the course of the

18  lease transaction.

19         (3)  Disclose, in writing and prior to the time that

20  the motor vehicle lease contract is signed, to the lessee and

21  co-lessee what occurs with respect to the contract upon the

22  death of the lessee or co-lessee.

23         (4)  Disclose, in writing and prior to the time that

24  the motor vehicle lease contract is signed, to the lessee what

25  occurs with respect to the contract upon the death of the

26  lessee if the spouse of the lessee is not a co-lessee.

27         Section 2.  This act shall take effect January 1, 2000.

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CODING: Words stricken are deletions; words underlined are additions.






    Florida House of Representatives - 1999                 HB 817

    531-168-99






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  2                          HOUSE SUMMARY

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      Requires the lessor under a motor vehicle lease contract
  4    to disclose in writing, prior to the time the contract is
      signed, to the lessee what happens to the contract upon
  5    the death of the lessee or co-lessee and what happens to
      the contract upon the death of the lessee if the spouse
  6    of the lessee is not a co-lessee.

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