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.
Actions
Mar 14, 2003
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Feb 27, 2003
Referred to the House Committee on Financial Services.