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 a periodic payment and the right to acquire ownership must clearly state that it is a rental-purchase agreement, the total number and amount of payments required, and that ownership is not acquired unless all payments are made. 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 through electronic commerce. This means that for properties available for rental-purchase agreements 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