(a) Prohibition. — An advertisement for a lease contract with purchase option shall not declare nor imply that a specific item is available in specific quantities or terms unless the lessor usually and customarily offers, or will offer said item in said amounts or terms. This prohibition applies to promotions carried out in the lessor’s commercial establishment.
(b) Disclosure. — If an advertisement of a lease contract with purchase option for a specific item refers to, or specifies, the amount of any payment, or the right to own it, the advertisement shall also specify, clearly and conspicuously, the following terms, as applicable:
(1) That the transaction advertised is a lease contract with purchase option;
(2) the total in dollars of the lease payments needed to become the owner of the property, and
(3) that the lessee shall not be the owner of the property until the amount needed to become the owner has been paid in full or through prepayment, as provided by law.
(c) Disclosure of the price of the items. — Each item advertised or offered under a lease contract with a purchase option shall indicate, in a clear and conspicuous way, and in Arabic numbers, that can be read and understood through visual inspection, on each of the following labels on or near the item, or that is available on a list or in a catalog located near the item:
(1) The cash price of the item, and
(2) the amount of each lease payment, the number of lease payments needed to become the owner of the property, and the total amount in dollars needed to be the owner of the property.
(d) Inapplicability. — This section does not apply to the owner or personnel, as such, of any medium in which the advertisement appears, or through which it is disseminated.
History —Apr. 13, 2000, No. 67, § 7, eff. 30 days after Apr. 13, 2000.