Consumer Rental Purchase Agreement Act
Latest action · Jun 20, 2013 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.
- IntroducedJun 20, 2013
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Consumer Rental Purchase Agreement Act - Prescribes consumer protection guidelines for rental-purchase transactions, including: (1) the determination of rental-purchase cost and a payment schedule; (2) disclosure requirements; (3) prohibitions against confessions of judgment, wage assignments, waiver of consumer legal claims or remedies, and other specified provisions; (4) furnishing of statements of account; (5) point-of-rental disclosures; and (6) clear and conspicuous rental-purchase advertising disclosures.
Shields "rental-purchase agreements" from laws regulating: (1) a credit sale and a consumer lease as defined in the Truth in Lending Act, or (2) an extension of credit or a transaction giving rise to a debt incurred in connection with the purchase of a thing of value.
Exempts from jurisdiction of this Act rental-purchase agreements primarily for business, commercial, or agricultural purposes, or those made with government agencies or instrumentalities.
Declares that the consumer shall acquire ownership of a property that is the subject of the rental-purchase agreement, and the rental-purchase agreement shall terminate, upon the consumer's compliance with specified total cost payment requirements, or any early payment option provided in the rental purchase agreement, and upon payment of any past due payments and fees.
Grants enforcement powers to the Federal Trade Commission (FTC) and requires violations of this Act to be treated as unfair or deceptive acts or practices under the Federal Trade Commission Act.
Provides that a term or provision of state law is not inconsistent with this Act if it affords greater protection and benefit to the consumer than is provided under this Act as determined by the FTC, on its own motion or upon the petition of any interested party.
Declares this Act to supersede state law to the extent that such law: (1) regulates a rental-purchase agreement as a security interest, credit sale, retail installment sale, conditional sale or any other form of consumer credit, or that imputes to a rental-purchase agreement the creation of a debt or extension of credit; or (2) requires the disclosure of a percentage rate calculation, including a time-price differential, an annual percentage rate, or an effective annual percentage rate.
Shields from civil or criminal liability under this Act the United States and its agencies and any state, state agency, or state political subdivision.
Cosponsors 14
Members who signed on, in the order they did. Signatures ran from Jun 20, 2013 to Jun 25, 2014, with 1 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-KS | Jerry Moran | Original | Jun 20, 2013 |
| D-LA | Mary L. Landrieu | Jul 30, 2013 | |
| R-MO | Roy Blunt | Sep 10, 2013 | |
| R-KS | Pat Roberts | Sep 11, 2013 | |
| R-GA | Johnny Isakson | Nov 5, 2013 | |
| D-AR | Mark L. Pryor | Nov 5, 2013 | |
| D-MT | Max Baucus | Nov 13, 2013 | |
| R-GA | Saxby Chambliss | Jan 16, 2014 | |
| R-ID | James E. Risch | Feb 12, 2014 | |
| R-MS | Roger F. Wicker | Feb 12, 2014 | |
| D-NV | Harry Reid | Feb 24, 2014 | |
| D-AK | Mark Begich | Feb 24, 2014 | |
| D-NH | Jeanne Shaheen | May 12, 2014 | |
| D-MT | John E. Walsh | Jun 25, 2014 |
Actions 2
Everything that happened, newest first.
- Jun 20, 2013Introduced in Senate
- Jun 20, 2013Read 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 1551 | Consumer Rental Purchase Agreement Act | Related bill | Apr 15, 2013 |
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Jun 20, 2013Introduced 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.