The bill amends Section 6-13.1-28 of the General Laws concerning deceptive trade practices related to the financing of motor vehicles. It mandates that any contract for financing a motor vehicle must prominently display the term and rate of interest. Additionally, it introduces a provision that prohibits the use of terms such as "down payment," "money down," or any similar language to describe lump sum payments made at the time of financing to reduce monthly lease payments. Lessees must be provided with and required to acknowledge a plain language disclosure in at least eleven-point font stating that any lump sum payments made at the time of financing will not be refunded if the vehicle is involved in an incident and determined to be a total loss, regardless of the circumstances. This act is set to take effect upon passage.

Statutes affected:
175: 6-13.1-28