Consumer Rental-Purchase Agreement Act of 2007

Summary

Consumer Rental-Purchase Agreement Act of 2007 - 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.

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Timeline

1. 28 March 2007

   Introduced

   Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

   Source: IntroReferral

2. 28 March 2007

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 28 March 2007 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 28 March 2007

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 28 March 2007

  DownloadOpen at official source

• Introduced in Senate

  summary · EN · 28 March 2007

  Open at official source

Sponsors

• Sen. Landrieu, Mary L. [D-LA] · D · Sponsor
• Rep. Baucus, Max [D-MT-1] · D · Sponsor
• Sen. Bond, Christopher S. [R-MO] · R · Sponsor
• Rep. Craig, Larry E. [R-ID-1] · R · Sponsor
• Sen. Lincoln, Blanche L. [D-AR] · D · Sponsor
• Rep. Lott, Trent [R-MS-5] · R · Sponsor
• Sen. Martinez, Mel [R-FL] · R · Sponsor
• Sen. Vitter, David [R-LA] · R · Sponsor
• Sen. Thune, John [R-SD] · R · Sponsor
• Sen. Chambliss, Saxby [R-GA] · R · Sponsor
• Rep. Johnson, Tim [D-SD-At Large] · D · Cosponsor
• Rep. Dorgan, Byron L. [D-ND-At Large] · D · Cosponsor
• Sen. Nelson, Ben [D-NE] · D · Cosponsor
• Rep. Roberts, Pat [R-KS-1] · R · Cosponsor
• Rep. Cochran, Thad [R-MS-4] · R · Cosponsor
• Sen. Isakson, Johnny [R-GA] · R · Cosponsor
• Rep. Bunning, Jim [R-KY-4] · R · Cosponsor
• Sen. Conrad, Kent [D-ND] · D · Cosponsor
• Sen. Brownback, Sam [R-KS] · R · Cosponsor
• Sen. Cantwell, Maria [D-WA] · D · Cosponsor
• Sen. Sessions, Jeff [R-AL] · R · Cosponsor
• Sen. Hagel, Chuck [R-NE] · R · Cosponsor
• · ssbk00 · Standing

Related records

• related to → Consumer Rental Purchase Agreement Act