Juneau -- The Alaska House of Representatives Wednesday unanimously passed legislation which provides comprehensive consumer protection laws regulating the fast-growing rental-purchase business.

"Lease-purchase, or rental-purchase, is one of the fastest growing customer service industries in the Lower 48, with new growth in Alaska," said Representative Lisa Murkowski (R-Anchorage), sponsor of House Bill 128. "By passing HB 128 we can ensure a level playing field for consumers and small businesses through full disclosure."

Passage of House Bill 128 would make Alaska the forty-fifth state with laws which comprehensively regulate lease-purchase as a unique transaction, independent from retail installment sales. This consumer protection law includes provisions requiring full disclosure to the consumer of contractual terms of a lease-purchase agreement, such as the number and total payments necessary to acquire ownership, the cash price for the merchandise, and reinstatement rights for lapsed agreements.

"Alaskan consumers deserve up-front, complete disclosure of all payment and purchase options involved with a rental-purchase transaction," Murkowski said. "With this law in effect, all parties should know exactly what they're getting into."

HB 128 now moves to the Senate for consideration.

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= Lisa Murkowski, 57 K