Juneau -- The Alaska Senate Friday passed legislation which provides comprehensive consumer protection laws regulating the fast-growing lease-purchase business. House Bill 128, which passed the House unanimously, passed the Senate 11-4.

"By passing HB 128 we ensure a level playing field for consumers and small businesses through full disclosure in one of the fastest growing customer service," said Representative Lisa Murkowski (R-Anchorage), sponsor of House Bill 128. "Alaskan consumers deserve up-front, complete disclosure of all payment and purchase options involved with a rental-purchase transaction."

House Bill 128 is a consumer protection bill and 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. Its adoption would make Alaska the forty-fifth state with laws which comprehensively regulate lease-purchase as a unique transaction, independent from retail installment sales.

"With this law in effect, all parties should know exactly what they're getting into," Murkowski said.

A Notice of Reconsideration on HB 128 has been filed.

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