(a) A lease contract shall be in writing, and the print portion of the contract shall be printed in at least 8-point type and shall contain in a single document all of the agreements of the lessor and lessee with respect to the obligations of each party. (b) At the top of the lease contract, a title that contains the words âLEASE CONTRACTâ or âLEASE AGREEMENTâ shall appear in at least 12-point boldface type. (c) A lease contract shall disclose all of the following: (1) All of the information prescribed by Regulation M set forth in the manner required or permitted by Regulation M, whether or not Regulation M applies to the transaction. (2) A separate statement labeled âItemization of Gross Capitalized Costâ that shall appear immediately following or directly adjacent to the disclosures required to be segregated by Regulation M. The Itemization of Gross Capitalized Cost shall include all of the following and shall be circumscribed by a line: (A) The agreed-upon value of the vehicle as equipped at the time of signing the lease. (B) The agreed-upon value and a description of each accessory and item of optional equipment the lessor agrees to add to the vehicle after signing the lease. (C) The premium for each policy of insurance. (D) The amount charged for each service contract. (E) Any charge for an optional debt cancellation agreement. (F) Any outstanding prior credit or lease balance. (G) An itemization by type and agreed-upon value of each good or service included in the gross capitalized cost other than those items included in the disclosures required in subparagraphs (A) to (F), inclusive. (3) The vehicle identification number of the leased vehicle. (4) A brief description of each vehicle or other property being traded in and the agreed-upon value of the vehicle or property if the amount due at the time of signing the lease or upon delivery is paid in whole or in part with a net trade-in allowance or the âItemization of Gross Capitalized Costâ includes any portion of the outstanding prior credit or lease balance from the trade-in property. (5) The charge, if any, to be retained by the lessor for document processing authorized pursuant to Section 4456.5 of the Vehicle Code, which may not be represented as a governmental fee. (6) The charge, if any, to electronically register or transfer the vehicle authorized pursuant to Section 4456.5 of the Vehicle Code, which shall not be represented as a governmental fee. (d) A lease contract shall contain, in at least 8-point boldface type, above the space provided for the lesseeâs signature and circumscribed by a line, the following notice: â(1) Do not sign this lease before you read it or if it contains any blank spaces to be filled in; (2) You are entitled to a completely filled in copy of this lease; (3) WarningâUnless a charge is included in this lease for public liability or property damage insurance, payment for that coverage is not provided by this lease.â (e) A lease contract shall contain, in at least 8-point boldface type, on the first page of the contract and circumscribed by a line, the following notice: âTHERE IS NO COOLING OFF PERIOD California law does not provide for a âcooling offâ or other cancellation period for vehicle leases. Therefore, you cannot later cancel this lease simply because you change your mind, decided the vehicle costs too much, or wish you had acquired a different vehicle. You may cancel this lease only with the agreement of the lessor or for legal cause, such as fraud.â (f) A lease contract shall contain, in at least 8-point boldface type, the following notice: âYou have the right to return the vehicle, and receive a refund of any payments made if the credit application is not approved, unless nonapproval results from an incomplete application or from incorrect information provided by you.â (g) The lease contract shall be signed by the lessor and lessee, or their authorized representatives, and an exact copy of the
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