Section 2: Equipment Lease Agreement

(1) An equipment lease agreement shall be in writing containing—
(a) a statement to the effect that the lessor and lessee have agreed to enter into—
(i) a finance equipment lease, or
(ii) an operating lease, or
(iii) any other specified valiant of either (i) or (ii) above;
(b) a description of the equipment to be acquired under the lease agreement; or
(c) the total or instalmental lease rentals payable by the prospective lessee.
(2) If a finance equipment lease is to be entered into, the written agreement shall in addition to (b) and (c) of subsection (1), contain:
(i) the estimated price of the equipment
(ii) a statement that the equipment is being acquired by the prospective lessor in connection with the lease agreement which, to the knowledge of a supplier or manufacturer, is to be made between the prospective lessor and lessee;
(iii) a statement as to whether or not the prospective lessee has selected the equipment, or selected the supplier or manufacturer with or without relying on the skill and judgment of the prospective lessor.