SECTION 1. Chapter 166 of the General Laws, as appearing in the 2008 official edition, is hereby amended by adding after section 44 the following section:-

Section 45. Notwithstanding the provisions of any general or special law to the contrary, a company that leases telephonic equipment must distinguish on its statements to the customer the monthly amount due for leasing the equipment and the monthly amount due for servicing the equipment. 

When a customer’s cumulative payments for the leased equipment equal or exceed the fair market value of the telephonic equipment, the leasing company must immediately offer to transfer ownership to the customer at no additional cost, except for a reasonable finance charge.  Customers may choose to continue to lease, but must indicate their desire to do so in writing on a document provided by the leasing company.  Upon the failure of the customer to affirmatively choose to continue leasing the equipment, the leasing company shall transfer ownership to the customer. 

Companies must clearly present, on each monthly statement, the cumulative cost of the lease agreement over the entire lease period.