Rent-To-Own Reform Act of 2001

Summary

Rent-To-Own Reform Act of 2001 - Amends the Consumer Credit Protection Act to prohibit seller-imposed interest, finance charges, or other fees in a rent-to-own transaction that exceed maximum interest, fees, or finance charges that may be charged for a credit sale or retail installment sale for the same or similar item under the laws of the seller's State. Prescribes guidelines for authorized seller termination charges. Grants a rent-to-own transaction: (1) the same warranty and guaranty protections as apply to a consumer credit sale or retail installment sale; and (2) specified statutory protections under the Truth in Lending Act, the Equal Credit Opportunity Act, the Fair Debt Collection Practices Act, and the Fair Credit Reporting Act.. Mandates specified seller disclosures on goods in a rent-to-own transaction, including payment terms. Prohibits specified seller practices. Grants the Federal Trade Commission enforcement powers. Subjects a seller to civil liability to the consumer for violations of this Act.

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Timeline

1. 12 July 2001

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 12 July 2001

   Introduced

   Introduced in House

   Source: IntroReferral

3. 12 July 2001

   Introduced

   Introduced in House

   Source: IntroReferral

4. 31 July 2001

   Referred

   Referred to the Subcommittee on Financial Institutions and Consumer Credit.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 12 July 2001 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 12 July 2001

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 12 July 2001

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 12 July 2001

  Open at official source

Sponsors

• Maxine Waters · D · Sponsor
• LUCILLE ROYBAL-ALLARD · D · Cosponsor
• Rep. Hinchey, Maurice D. [D-NY-22] · D · Cosponsor
• Rep. Ackerman, Gary L. [D-NY-7] · D · Cosponsor
• Rep. Carson, Julia [D-IN-7] · D · Cosponsor
• Rep. Jones, Stephanie Tubbs [D-OH-11] · D · Cosponsor
• CAROLYN MALONEY · D · Cosponsor
• Rep. Schakowsky, Janice D. [D-IL-9] · D · Cosponsor
• Rep. Barrett, Thomas M. [D-WI-5] · D · Cosponsor
• LUIS GUTIERREZ · D · Cosponsor
• Barbara Lee · D · Cosponsor
• BOBBY RUSH · D · Cosponsor
• Rep. Bonior, David E. [D-MI-12] · D · Cosponsor
• Rep. Kucinich, Dennis J. [D-OH-10] · D · Cosponsor
• · hsba00 · Standing

Related records

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