Ch. 602

1995 LAWS OF MARYLAND

(3)      DIRECTLY ABOVE THE ACKNOWLEDGMENT PERMITTED BY
SUBSECTION (C) OF THIS SECTION, A WRITTEN NOTICE SUBSTANTIALLY SIMILAR TO
THE FOLLOWING: "NOTICE TO THE LESSEE: THIS IS A LEASE. YOU HAVE NO
OWNERSHIP RIGHTS IN THE MOTOR VEHICLE UNLESS AND UNTIL YOU EXERCISE
YOUR OPTION TO PURCHASE THE MOTOR VEHICLE, IF THIS LEASE CONTAINS A
PURCHASE OPTION. DO NOT SIGN THIS LEASE BEFORE YOU READ IT OR IF IT
CONTAINS ANY BLANK SPACE. YOU ARE ENTITLED TO A COMPLETELY FILLED IN
COPY OF THIS LEASE WHEN YOU SIGN IT";

(4)      A STATEMENT SUBSTANTIALLY SIMILAR TO THE FOLLOWING:
"EARLY TERMINATION MAY REQUIRE YOU TO PAY A SUBSTANTIAL AMOUNT"; AND

(5)      THE FOLLOWING PROVISION IN AT LEAST 10 POINT BOLDFACE TYPE:

"NOTICE

ANY HOLDER OF THIS CONSUMER LEASE IS SUBJECT TO ALL CLAIMS AND
DEFENSES WHICH THE LESSEE COULD ASSERT AGAINST THE LESSOR OF THE MOTOR
VEHICLE. RECOVERY HEREUNDER BY THE LESSEE SHALL NOT EXCEED AMOUNTS
PAID BY THE LESSEE UNDER THIS LEASE."

(C)     (1) THE LESSOR SHALL DELIVER TO THE LESSEE, OR MAIL TO THE
LESSEE AT THE LESSEE'S ADDRESS SHOWN ON THE LEASE, A COPY OF THE LEASE
SIGNED BY THE LESSOR.

(2) ANY ACKNOWLEDGMENT BY THE LESSEE OF DELIVERY OF A COPY
OF THE LEASE SHALL BE CONSPICUOUS AND SHALL APPEAR DIRECTLY ABOVE THE
SPACE RESERVED FOR THE LESSEE'S SIGNATURE.

(D)     THE LEASE SHALL STATE THE NAMES OF THE ORIGINAL LESSOR AND
LESSEE, THE PLACE OF BUSINESS OF THE ORIGINAL LESSOR, THE RESIDENCE OF
THE LESSEE AS SPECIFIED BY THE LESSEE, AND A DESCRIPTION OF THE MOTOR
VEHICLE, INCLUDING ITS MAKE, MODEL YEAR, MODEL, AND, IF KNOWN, THE
MOTOR VEHICLE'S IDENTIFICATION NUMBER OR MARKS.

(E)     THE LEASE SHALL CONTAIN:

(1)      ALL ITEMS REQUIRED TO BE DISCLOSED BY THE CONSUMER
LEASING ACT;

(2)      A DISCLOSURE OF THE CAPITALIZED COST; AND

(3)      A PROVISION BRIEFLY DESCRIBING THE LESSEE'S RIGHTS UPON
DEFAULT.

(F)      (1) IF THE LESSEE IS OBLIGATED UNDER THE LEASE TO MAINTAIN
LIABILITY INSURANCE OR OTHER INSURANCE ON THE MOTOR VEHICLE AND IF
SUBSEQUENT TO EXECUTION OF THE LEASE THE LESSEE FAILS TO MAINTAIN THE
REQUIRED INSURANCE, IF THE LEASE PERMITS, THE LESSOR MAY PROCURE
INSURANCE FOR EITHER THE INTERESTS OF THE LESSEE AND THE LESSOR OR THE
INTEREST OF EITHER OF THEM INSURING SUBSTANTIALLY THE SAME RISKS
REQUIRED TO BE INSURED BY THE LEASE.

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