Consumer Rental-Purchase Agreement Act of 2011
Latest action · May 4, 2011 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.
- IntroducedMay 4, 2011
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Consumer Rental-Purchase Agreement Act of 2011- 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.
Declares that an action for civil liability may be brought against a merchant's assignee only if the violation is apparent on the face of a rental-purchase agreement to which it relates, including, but not limited to, a disclosure that can be determined to be incomplete or inaccurate from the face of the agreement.
Authorizes the Board of Governors of the Federal Reserve System to promulgate implementing regulations.
Grants enforcement powers to the Federal Trade Commission and to state attorneys general.
Subjects to criminal penalties any willful and knowing violation of the information disclosure requirements of this Act.
Cosponsors 16
Members who signed on, in the order they did. Signatures ran from May 4, 2011 to Jul 25, 2012, with 2 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-MS | Roger F. Wicker | Original | May 4, 2011 |
| R-MO | Roy Blunt | Original | May 4, 2011 |
| R-AR | John Boozman | May 23, 2011 | |
| R-NC | Richard Burr | Dec 1, 2011 | |
| D-ND | Kent Conrad | Feb 7, 2012 | |
| R-SD | John Thune | Mar 8, 2012 | |
| R-LA | David Vitter | Apr 18, 2012 | |
| R-GA | Johnny Isakson | Apr 19, 2012 | |
| R-TX | Kay Bailey Hutchison | Apr 19, 2012 | |
| R-GA | Saxby Chambliss | Apr 23, 2012 | |
| D-NE | Ben Nelson | May 10, 2012 | |
| D-MT | Jon Tester | May 10, 2012 | |
| R-NE | Mike Johanns | May 24, 2012 | |
| D-MT | Max Baucus | Jun 20, 2012 | |
| R-KS | Jerry Moran | Jul 24, 2012 |
Actions 2
Everything that happened, newest first.
- May 4, 2011Introduced in Senate
- May 4, 2011Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 1588 | Consumer Rental Purchase Agreement Act | Related bill | Jun 29, 2012 |
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative law and regulatory procedures
- Business records
- Civil actions and liability
- Consumer affairs
- Consumer credit
- Contracts and agency
- Evidence and witnesses
- Federal preemption
- Federal Reserve System
- Federal Trade Commission (FTC)
- Finance and Financial Sector
- Fraud offenses and financial crimes
- Small business
Text 1
Each version as it was printed, newest first.
- May 4, 2011Introduced 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.