(a) Advertisements. If an advertisement for a rental-purchase agreement refers to, or states, the amount of any payment or the right to acquire ownership, the merchant that makes the advertisement shall also clearly and conspicuously state in the advertisement the following items:

(1) the transaction advertised is to occur under a rental-purchase agreement;

(2) the total number and total dollar amount of rental payments necessary to acquire ownership under the agreement; and

(3) the consumer acquires no ownership rights in the property if the total dollar amount of rental payments necessary to acquire ownership is not paid.

(b) Liability. The owner or personnel of any medium in which an advertisement appears or through which it is disseminated shall not be liable for a violation of Subsection (a).

(c) Exemptions. Subsection (a) does not apply to an advertisement which:
(1) is published in the yellow pages of a telephone directory or in any similar directory of businesses; or
(2) is displayed in the merchant’s place of business.