Bill > H5567

This bill amends the Rhode Island General Laws to regulate motor vehicle lease disclosures and lump sum payments. Specifically, the bill prohibits leasing contracts from using terms like "down payment" or "money down" when describing upfront payments made to reduce monthly lease rates. The legislation requires lessees to receive and acknowledge a clear disclosure (in at least 11-point font) stating that any lump sum payments made at the time of financing will not be refunded if the vehicle is declared a total loss, regardless of the circumstances. The bill aims to increase transparency in vehicle leasing by preventing potentially misleading language and ensuring lessees understand the non-refundable nature of their initial payments. The changes will be added to the chapter on Deceptive Trade Practices and will take effect immediately upon passage, providing immediate consumer protection in motor vehicle leasing transactions.

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