H.R.1651 - Consumer Rental Purchase Agreement Act

To amend the Consumer Credit Protection Act to assure meaningful disclosures of the terms of rental-purchase agreements, including disclosures of all costs to consumers under such agreements, to provide certain substantive rights to consumers under such agreements, and for other purposes. view all titles (2)

All Bill Titles

  • Short: Consumer Rental Purchase Agreement Act as introduced.
  • Official: To amend the Consumer Credit Protection Act to assure meaningful disclosures of the terms of rental-purchase agreements, including disclosures of all costs to consumers under such agreements, to provide certain substantive rights to consumers under such agreements, and for other purposes. as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
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04/14/05
 
 
 
 
 
 
 

Official Summary

Consumer Rental Purchase Agreement Act - Amends the Consumer Credit Protection Act to prescribe consumer protection guidelines for rental-purchase transactions, including: (1) the determination of rental-purchase cost; (2) disclosure requirements; (3) prohibitions against confessions of jud

Official Summary

Consumer Rental Purchase Agreement Act - Amends the Consumer Credit Protection Act to prescribe consumer protection guidelines for rental-purchase transactions, including:
(1) the determination of rental-purchase cost;
(2) disclosure requirements;
(3) prohibitions against confessions of judgment, wage assignments, and waiver of consumer claims or defenses;
(4) furnishing of statements of account;
(5) point-of-rental disclosures; and
(6) rental-purchase advertising disclosures. Establishes civil and criminal liability for violations of this Act. Grants enforcement powers to the Federal Trade Commission and to state attorneys general.

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