(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 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.Added by 2024 Ch. 399,§ 18, eff. 6/30/2024, app. to rent-to-own mobile home contracts formed on or after 6/30/2024.
Colorado Legal Code