N.Y. Pers. Prop. Law § 505

Current through 2024 NY Law Chapter 457

Section 505 - Advertisement

1. An advertisement for a rental-purchase agreement that refers to or states the amount of a payment or the right to acquire ownership of any one particular item under the agreement shall clearly and conspicuously state:

(a) that the transaction advertised is a rental-purchase agreement;

(b) the total number of payments and the total amount to be paid to acquire ownership, which amount shall be explicitly labeled "total cost";

(c) the circumstances under which the consumer can acquire ownership rights; and

(d) whether the advertised terms are for new or used merchandise.

2. An advertisement for personal property available through rental-purchase agreements that refers to more than one appliance or particular item and includes information on periodic payment amounts shall include a representative item available at that amount and shall conspicuously state:

(a) that the merchandise offered may be new or used;

(b) that transaction advertised is a rental-purchase agreement; and

(c) that the consumer does not acquire ownership rights unless the consumer complies with the ownership terms of the agreement.

3. Every item displayed or offered under a rental-purchase agreement shall have clearly and conspicuously indicated in arabic numerals, so as to be readable and understandable by visual inspection, each of the following affixed to the item:

(a) the cash price of the merchandise;

(b) the amount of the periodic payment and the total number of periodic payments required for ownership; and

(c) the total amount that must be paid to acquire ownership of merchandise, which amount shall be explicitly labeled total cost.

N.Y. Pers. Prop. Law § 505