Rent-To-Own Reform Act of 2006
Latest action · Sep 29, 2006 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedSep 29, 2006
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Rent-To-Own Reform Act of 2006 - Amends the Consumer Credit Protection Act to prohibit a seller in a rent-to-own transaction from receiving or assessing any interest, finance charge, or other fee for the transaction that exceeds the interest, fees, or finance charges permissible under the laws of the state in which the seller is located which establish: (1) a maximum rate or amount of interest, finance charge, or time-price differential that may be charged in connection with a credit sale or retail installment sale for the same or a similar item; (2) the types of fees and the maximum amount of fees that a seller may so charge; or (3) the types of credit insurance and the maximum amount of premiums that can be charged for credit insurance in such a connection.
Permits certain additional termination charges and fees.
Cites federal laws which are applicable to a rent-to-own transaction.
Sets forth required disclosures, prohibitions, and enforcement, as well as civil liability for failure to properly disclose the terms of a rent-to-own transaction.
Declares this Act inapplicable to certain motor vehicles sales and leases otherwise subject to the Truth in Lending Act.
Cosponsors
Members who signed on, in the order they did.
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Sep 30, 2006 |
Actions 2
Everything that happened, newest first.
- Sep 29, 2006Introduced in Senate
- Sep 29, 2006Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Consumer Credit Protection Act to protect consumers from inadequate disclosures and certain abusive practices in rent-to-own transactions, and for other purposes.
- Short Titles as Introduced
- Rent-To-Own Reform Act of 2006
- Short Titles as Introduced for portions of this bill
- Rent-To-Own Protection Act
Subjects
Assigned by the Library of Congress. Policy area: Commerce.
- Administrative procedure
- Civil actions and liability
- Civil Rights and Liberties, Minority Issues
- Collection of accounts
- Commerce
- Consumer credit
- Consumer education
- Consumer protection
- Contracts
- Credit insurance
- Crime and Law Enforcement
- Damages
- Deceptive advertising
- Discrimination in consumer credit
- Federal preemption
- Federal Reserve System
- Fees
- Finance and Financial Sector
- Finance charges
- Fraud
- Government Operations and Politics
- Government paperwork
- Insurance premiums
- Interest
- Interest rates
- Law
- Lease and rental services
- Legal fees
- Liability (Law)
- Restrictive trade practices
- Sales promotion
- State laws
- Trade regulation
- Warranties
Text 1
Each version as it was printed, newest first.
- Sep 29, 2006Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.