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By Richard C. Feldman
A bill has been proposed by the Connecticut House of Representatives which will change the requirements for disclosure in equipment leases. Since the bill was unanimously adopted it appears that it will pass and be effective October 1, 2009. Although the bill is an amendment to the Consumer Leases Act, it is intended to include Article 2A finance leases.
Existing law relating to consumer leases requires only that, if the lease does not provide required insurance at no additional cost to the consumer, the lessor must disclose that the consumer may purchase insurance from any insurer, subject to the lessor’s right to reject that insurance for reasonable cause. If casualty insurance is neither required nor provided, the lease must also state that “no insurance coverage for physical damage to the leased goods, or loss of leased goods, is provided under this lease.” The new bill requires that
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