N.Y.
Personal Property Law Section 505
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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.
Source:
Section 505 — Advertisement, https://www.nysenate.gov/legislation/laws/PEP/505 (updated Sep. 22, 2014; accessed Dec. 21, 2024).
