(a) An advertisement for a rental-purchase agreement that refers to or states the dollar amount of any payment and the right to acquire ownership for any 1 specific item shall clearly and conspicuously state, as applicable:

(1) That the transaction advertised is a rental-purchase agreement;

(2) The total cost and the number of payments necessary to acquire ownership; and

(3) That the consumer acquires no ownership right if the total amount necessary to acquire ownership is not paid.

(b) Any owner, employee, or agent of any medium in which an advertisement appears or through which it is disseminated may not be liable for violations under this section.

(c) The requirements under subsection (a) of this section do not apply to an advertisement that:

(1) Does not refer to or state the amount of any payment; or

(2) Is published in the yellow pages of a telephone directory or in any similar directory of business.