(1) As used in this part 14, unless the context otherwise requires: (a) "Purchase payment" means any kind of payment that is credited to the purchaser toward the purchase price of a mobile home, regardless of how the payment is denominated. (b) "Rent-to-own contract" means any rent-to-own, lease-to-own, purchase option, or other agreement in which the purchaser of a mobile home agrees to or receives the option to purchase the mobile home over a period mutually agreed upon with the seller of the mobile home. (2) This part 14 applies only to a rent-to-own contract for a mobile home located in a mobile home park and when the seller of the mobile home: (a) Is the landlord of the mobile home park; or (b) Owns more than one mobile home in Colorado. (3) The purchaser under a rent-to-own contract is deemed to be a "home owner", as that term is defined in section 38-12-201.5 (2), and has all of the rights of a home owner under part 2 of this article 12, unless otherwise specified in this part 14 or until the rent-to-own contract is validly terminated pursuant to this part 14. (4) If the seller of a mobile home is the landlord of a mobile home park, the seller shall disclose all rent-to-own contracts to which the seller is a party on the annual registration required pursuant to section 38-12-1106.
‹ Prev All Colorado sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.