AN ACT RELATING TO COMMERCIAL LAW -- GENERAL REGULATORY PROVISIONS -- DECEPTIVE TRADE PRACTICES

Summary

The bill amends Rhode Island’s deceptive trade practices law to force motor‑vehicle financing contracts to prominently show the loan term and interest rate, and to require borrowers to initial next to those figures. It also prohibits lease agreements from using terms like “down payment” to describe lump‑sum payments and obligates lessees to acknowledge that such payments are non‑refundable if the vehicle is a total loss. The changes aim to improve consumer transparency in auto financing and leasing.

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