38-12-1405. Recordkeeping

38-12-1405. Recordkeeping. (1) For any rent-to-own contract, the seller of the mobile home shall maintain separate financial records for each rent-to-own contract.

(2) The seller of the mobile home shall provide the purchaser with either an annual accounting related to the rent-to-own contract or a disclosure that the buyer is entitled to request and receive an annual accounting of their rent-to-own contract. The accounting or the disclosure is due to the purchaser each year within ten days of the anniversary date of the rent-to-own contract. If requested, the annual accounting shall be provided within ten days upon the receipt of a request for accounting. At a minimum, any accounting provided shall disclose the total amount in purchase payments made, the total amount of the purchase price remaining to be paid, and any expenses paid by the seller during the accounting period to repair or maintain the mobile home. The accounting or the disclosure shall be provided to the purchaser in English or English and Spanish, as requested by the purchaser.