Corpus

Provisions not permitted in rental-purchase agreements.

Miss. Code Ann. § 75-24-161
in effect
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A rental-purchase agreement may not contain: A confession of judgment; A negotiable instrument; A security interest or any other claim of a property interest in any property except that property delivered by the lessor pursuant to the rental-purchase agreement; A wage assignment; A waiver by the consumer of claims or defenses; A provision authorizing the lessor or a person acting on the lessor’s behalf to enter upon the consumer’s premises without permission or to commit any breach of the peace in the repossession of property; A provision for a late charge or any other type of charge or penalty for reinstating a rental-purchase agreement in addition to a reinstatement fee; however, a lessor may use the term “late charge” or a similar term to refer to a reinstatement fee; or A provision for more than one (1) reinstatement fee on any one (1) periodic payment regardless of the period of time for which it remains unpaid.
Provisions not permitted in rental-purchase agreements. | Corpus