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 periodic payments 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 items offered under rental-purchase agreements, particularly for transactions conducted through electronic commerce. This electronic disclosure must clearly indicate the cash price, periodic payment amount, and total payments necessary for ownership, and must be provided to the consumer before any other disclosures. The bill also mandates that advertisements in languages other than English include the required disclosures in the respective non-English language.

Statutes affected:
introduced version: 57-26-10