Subdivision 1. Prohibition. An advertisement for a rental-purchase agreement shall 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.
Subd. 2. Disclosures. (a) If an advertisement for a rental-purchase agreement refers to or states the amount of any payment or the right to acquire ownership for a specific item, the advertisement must also clearly and conspicuously state the following terms, as applicable:
(1) that the transaction advertised is a rental-purchase agreement;
(2) the total of payments necessary to acquire ownership; and
(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.
(b) 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:
(1) the cash price of the item; and
(2) the amount of the lease payment and the total of lease payments required for ownership.
Subd. 3. 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.
History: 1990 c 527 s 5
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