(1) If an advertisement for a lease-purchase agreement refers to or states the dollar amount of any payment and the right to acquire ownership for any one specific item, the advertisement shall also clearly and conspicuously state the following items, as applicable:
(a) That the transaction advertised is a lease-purchase agreement;
(b) The total of payments necessary to acquire ownership; and
(c) That the consumer acquires no ownership rights if the total amount necessary to acquire ownership is not paid.
(2) Any owner or personnel of any medium in which an advertisement appears or through which it is disseminated shall not be liable under this section.
(3) The provisions of subsection (1) of this section shall not apply to an advertisement which does not refer to or state the amount of any payment, or which is published in the yellow pages of a telephone directory or in any similar directory of business.
(4) Every item 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 stamped upon or affixed to the item:
(a) The cash price of the item;
(b) The amount of the periodic payment; and
(c) The total number of periodic payments required for ownership. [Formerly 646.259]
(Collision Damage Waivers
in Vehicle Rentals)
Section: Previous 646A.120 646A.122 646A.124 646A.126 646A.128 646A.130 646A.132 646A.134 646A.140 646A.142 646A.150 646A.152 646A.154 646A.156 646A.158 NextLast modified: August 7, 2008