505 - Advertisement. - New York Statutes

§ 505. Advertisement. * 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"; and (c) the circumstances under which the consumer can acquire ownership rights. * NB Effective until January 26, 2011 * 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. * NB Effective January 26, 2011 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.