Lease, early termination
This law explains how to figure out two money amounts when someone ends an assistive device lease early. First, it says how to calculate what the lease is currently worth — add up the remaining payments, plus any costs the dealer has for ending early, plus the device's value at the end of the lease, then subtract any money the lessor saves by ending early. Second, it limits how much the dealer can charge the consumer for the time they already used the device — that charge is based on how many days the person used the device before reporting a problem, out of a total of 1,825 days (five years).
407.959. , — , how computed. — 1. The equals the total amount for which that lease obligates the during the period of the lease remaining after its early termination, plus the 's and the value of the at the lease expiration date if the lease sets forth that value, less the 's .
2. A reasonable allowance for use may not exceed the amount obtained by multiplying the total amount for which the obligates the consumer by a fraction, the denominator of which is one thousand eight hundred twenty-five and the numerator of which is the number of days that the consumer used the assistive device before first reporting the to the , assistive device lessor or assistive device dealer.
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Source & history notes
(L. 1995 H.B. 333 § 1 subsecs. 6, 7)
Legal information, not legal advice. Always confirm with the official source at revisor.mo.gov.