(a)Prohibition. —An advertisement for a lease-purchase agreement may not state or imply that a specific item is available at specific amounts or terms unless the lessor usually and customarily offers or will offer that item at those amounts or terms.
(b)Disclosures. —If an advertisement for the lease-purchase agreement of a specific item refers to or states the amount of any payment, or the right to acquire ownership, the advertisement must also clearly and conspicuously state the following terms as applicable:
(1)That the transaction advertised is a lease-purchase agreement.
(2)The total amount of the lease payments necessary to acquire ownership.
(3)That the lessee will not own the property until the total amount necessary to acquire ownership is paid in full or by prepayment as p
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(a)Prohibition. —An advertisement for a lease-purchase agreement may not state or imply that a specific item is available at specific amounts or terms unless the lessor usually and customarily offers or will offer that item at those amounts or terms.
(b)Disclosures. —If an advertisement for the lease-purchase agreement of a specific item refers to or states the amount of any payment, or the right to acquire ownership, the advertisement must also clearly and conspicuously state the following terms as applicable:
(1) That the transaction advertised is a lease-purchase agreement.
(2) The total amount of the lease payments necessary to acquire ownership.
(3) That the lessee will not own the property until the total amount necessary to acquire ownership is paid in full or by prepayment as provided for by law.
(c)Item price disclosures. —Every item of lease-purchase property displayed or offered under a lease-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:
(1) The cash price of the item.
(2) The amount of the lease payment and the total amount of the lease payments necessary to acquire ownership.
(d)Nonapplication. —This section does not apply to the owner or personnel, as such, of any medium in which an advertisement appears or through which it is disseminated.
(e)Information on online displays or offers. —
For any lease-purchase property displayed or offered online and for which a consumer can enter into a lease-purchase agreement online or remotely through electronic commerce, a lessor may satisfy the requirements of subsection (c) of this section by electronic disclosure, clearly and conspicuously indicated in Arabic numerals that are readable and understandable by visual inspection, provided that this information is disclosed to the lessee before any of the disclosures required in § 7603 of this title.
(f)Information on displays or offers of third-party inventory. —
When personal property that is not lease-purchase property is offered for lease-purchase by a lessor, a lessor shall provide the information described in subsection (c) of this section by electronic disclosure, clearly and conspicuously indicated in Arabic numerals that are readable and understandable by visual inspection, provided that this information is disclosed to the lessee before any of the disclosures required in § 7603 of this title.