Consumer Rental Purchase Agreement Act
Latest action · Apr 15, 2013 Referred to the House Committee on Financial Services.
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.
- IntroducedApr 15, 2013
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
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.
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 (FTC) and to state attorneys general.
Subjects to criminal penalties any willful and knowing violation of the information disclosure requirements of this Act.
Cosponsors 65
Members who signed on, in the order they did. Signatures ran from Apr 15, 2013 to Jun 17, 2014, with 4 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-MO | Blaine Luetkemeyer | Original | Apr 15, 2013 |
| D-GA | David Scott | Original | Apr 15, 2013 |
| R-TX | Pete Sessions | Original | Apr 15, 2013 |
| D-MO | Wm. Lacy Clay | Original | Apr 15, 2013 |
| R-IL | Aaron Schock | Apr 17, 2013 | |
| R-VA | E. Scott Rigell | Apr 17, 2013 | |
| D-NC | G. K. Butterfield | Apr 17, 2013 | |
| R-GA | Lynn A. Westmoreland | Apr 17, 2013 | |
| R-MO | Sam Graves | Apr 17, 2013 | |
| R-IL | Adam Kinzinger | Apr 23, 2013 | |
| R-MO | Ann Wagner | Apr 23, 2013 | |
| R-TX | Blake Farenthold | Apr 23, 2013 | |
| D-CO | Ed Perlmutter | Apr 23, 2013 | |
| R-OH | Patrick J. Tiberi | Apr 23, 2013 | |
| R-OH | Steve Stivers | Apr 23, 2013 |
Actions 2
Everything that happened, newest first.
- Apr 15, 2013Introduced in House
- Apr 15, 2013Referred to the House Committee on Financial Services.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1208 | Consumer Rental Purchase Agreement Act | Related bill | Jun 20, 2013 |
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
- Lease and rental services
- Marketing and advertising
- Small business
Text 1
Each version as it was printed, newest first.
- Apr 15, 2013Introduced in House
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.