Hold on to that leash.
If you live in the 42 states where pet lease is still legal, a collection agency could seize the four-legged member of your family.
Massachusetts Attorney General Healey announced this week that a California-based company has agreed to give more than $930,000 in debt relief to resolve accusations that it was illegally leasing dogs in Massachusetts. In addition to waiving outstanding debt, the settlement includes transferring full ownership of hundreds of dogs back to Massachusetts residents.
Monterey told Insider that they have decided to move away from the issue to best serve their clients.
When a family buys a pet, they may not know that a lease is taking place. According to the American Society for the Prevention of Cruelty to Animals,lease is not mentioned in promotional materials when the pets are purchased.
It happens when a seller and a private lending company like Monterey offer monthly financing plans that are often padded with hidden fees to the buyer.
The puppies are property of the lease company until they are paid off, which is what some of the payment plans are for. Depending on the lease term and the dog's price tag, the charges can range from hundreds of dollars to over a thousand dollars.
States began banning the practice in 2017: Nevada and California. New York joined the charge after the state's attorney general office filed a lawsuit against a large pet-leasing chain. Massachusetts, Connecticut, Indiana, New Jersey, and Washington have all banned the practice of leases.
Americans in the rest of the country are at risk of having their pets taken. According to the New York Times, the practice of pet leasing may have started in Nevada in 2013 through a company that would transfer its debt to Monterey after the animals were purchased.
Getting a dog can be a significant emotional and financial investment for many families, so when the dog is used as a security in a lease, the end result can be expensive and heartbreaking.
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