(1) Any advertisement for a consumer rental purchase agreement which refers to or states the amount of any payment or the right to acquire ownership for any specific item shall also state clearly and conspicuously the following if applicable:
(a) That the transaction advertised is a consumer rental purchase agreement;
(b) The total of payments to acquire ownership; and
(c) That the consumer acquires no ownership rights until the total of payments to acquire ownership is paid.
(2) Any owner or employee of any medium in which an advertisement appears or through which it is disseminated shall not be liable under this section.
(3) Subsection (1) of this section shall not apply to an advertisement which does not refer to a specific item of property, which does not refer to or state the amount of any payment, or which is published in the yellow pages of a telephone directory or any similar directory of business.
(4) With respect to matters specifically governed by the federal Consumer Credit Protection Act, 15 U.S.C. 1601 et seq., as such act existed on January 1, 2022, compliance with such act shall satisfy the requirements of this section.