Rhode Island H8243 prohibits leasing disclosures from using terms like "down payment" or "money down" for lump sum payments.

Rhode Island H8243 amends the state's deceptive trade practices law to prohibit leasing contracts from using terms such as "down payment" or "money down" to describe lump sum payments made to reduce monthly lease payments. The bill mandates that these payments be clearly disclosed as non-refundable in the event of a total loss of the vehicle. Any contract that fails to comply with these provisions can be voided by the borrower within thirty days.

Rhode Island H8243 prohibits leasing disclosures from using terms like "down payment" or "money down" for lump sum payments.

Rhode Island H8243 amends the state's deceptive trade practices law to prohibit leasing contracts from using terms such as "down payment" or "money down" to describe lump sum payments made to reduce monthly lease payments. The bill mandates that these payments be clearly disclosed as non-refundable in the event of a total loss of the vehicle. Any contract that fails to comply with these provisions can be voided by the borrower within thirty days.