H.R. 1551
Consumer Rental Purchase Agreement Act
Referred to the House Committee on Financial Services.
Sponsor
Rep. Meeks, Gregory W. [D-NY-5]
Bill Details
- Update Date
- Nov 15, 2022
- Origin Chamber
- House
- Bill Type
- HR
- Bill Number
- 1,551
- Congress
- 113
- Introduced Date
- Apr 15, 2013
- Policy Area
- Finance and Financial Sector
- Is Law
- No
Referred to the House Committee on Financial Services.
Source: House floor actions
Introduced in House
Source: Library of Congress
Introduced in House
Source: Library of Congress
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.
Financial Services Committee
Introduced in House
Apr 15, 2013