The bill amends the Rental Purchase Agreement Act to enhance the requirements for advertising and disclosure related to rental-purchase agreements. It specifies that any advertisement mentioning the dollar amount of a periodic payment must clearly state that the transaction is a rental-purchase agreement, the total number and amount of payments required to acquire ownership, and that ownership rights are not granted until the total amount is paid. Additionally, the bill introduces a provision that protects owners or personnel of advertising mediums from liability for non-compliance with these advertising requirements.

Furthermore, the bill allows for electronic disclosure of required information for rental-purchase agreements conducted through electronic commerce. This means that for properties available online, the necessary information regarding cash price, periodic payment amounts, and total payments can be disclosed electronically, as long as it is presented to the consumer before other disclosures are made. The bill also mandates that advertisements in languages other than English must include the required disclosures in the respective non-English language.

Statutes affected:
introduced version: 57-26-10