1. Before a commercial vehicle lease is consummated, the lessor must give the lessee a dated written statement on which the lessor and lessee are identified and the following information with respect to the lease is set out accurately in a clear and conspicuous manner: (a) A brief description or identification of the leased vehicle. (b) The amount of any payment by the lessee required at the inception of the lease. (c) The amount paid or payable by the lessee for any official fees, registration, certificate of title, license fees and taxes. (d) The amount of other charges payable by the lessee not included in the periodic payments and a description of those charges. (e) A statement of the amount or the method of determining the amount of any liabilities the lease imposes upon the lessee at the end of the term and whether or not the lessee has the option to purchase the leased vehicle and: (1) If at the expiration of the lease, at what price. (2) If before the end of the lease term, at what time and the price or the method of determining the price. (f) A statement identifying all express warranties and guarantees made by the manufacturer or lessor with respect to the leased vehicle, and identifying the party responsible for maintaining or servicing the leased vehicle, together with a description of the responsibility. (g) A brief identification of insurance required in connection with the lease, including: (1) If provided or paid by the lessor, the types and amounts of coverages and costs to the lessee. (2) If not provided or paid by the lessor, the types and amounts of coverages required of the lessee. (h) A description of any security interest held or to be retained by the lessor in connection with the lease and a clear identification of the property to which the security interest relates. (i) The number, amount and due dates or periods of payments under the lease and the total amount of the periodic payments. (j) Where the lease provides that the lessee is liable for either the estimated residual value of the vehicle or its unamortized capitalized cost on expiration of the lease, the fair market value of the vehicle at the inception of the lease, the aggregate cost of the lease on expiration and the differential between them. (k) A statement of the conditions under which the lessee or lessor may terminate the lease before the end of the term and the amount or the method of determining the amount of any penalty or other charge for delinquency, default, late payments or early termination. (l) That the lessee is liable for the differential, if any, between: (1) The estimated residual value of the leased vehicle and its actual residual value at the expiration of the lease, if the lessee has such liability; or (2) The unamortized capitalized cost of the vehicle and its actual residual value at the expiration of the lease, if the lessee has such liability. 2. A lessee is not liable for the differential between the unamortized capitalized cost of the leased vehicle (where that amount differs from the estimated residual value) and the actual residual value at the expiration of the lease unless the lessor discloses the estimated residual value of the vehicle and the limitation of the expiration liability exclusively associated with its use and the lessee specifically agrees to the use of an amount other than the estimated residual value. Such disclosure and agreement must be set forth in 10-point typeface and be acknowledged by the lessees initials. 3. The disclosures required by subsections 1 and 2 may be made in the lease contract to be signed by the lessee. 4. The lessor shall provide accurate information in the disclosure statement, but if the lessor is not in a position to know exact information for a particular portion of the statement, the lessor may give that portion in the form of an estimate if the lessor identifies the information as an estimate.
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