Consumer Rental Purchase Agreement Act

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.

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Timeline

1. 20 June 2013

   Introduced

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

   Source: IntroReferral

2. 20 June 2013

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 20 June 2013 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 20 June 2013

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 20 June 2013

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 20 June 2013

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Tester, Jon [D-MT] · D · Sponsor
• Sen. Moran, Jerry [R-KS] · R · Sponsor
• Sen. Landrieu, Mary L. [D-LA] · D · Cosponsor
• Sen. Blunt, Roy [R-MO] · R · Cosponsor
• Sen. Roberts, Pat [R-KS] · R · Cosponsor
• Sen. Isakson, Johnny [R-GA] · R · Cosponsor
• Sen. Pryor, Mark L. [D-AR] · D · Cosponsor
• Sen. Baucus, Max [D-MT] · D · Cosponsor
• Sen. Chambliss, Saxby [R-GA] · R · Cosponsor
• Sen. Wicker, Roger F. [R-MS] · R · Cosponsor
• Sen. Risch, James E. [R-ID] · R · Cosponsor
• Sen. Reid, Harry [D-NV] · D · Cosponsor
• Sen. Begich, Mark [D-AK] · D · Cosponsor
• Sen. Shaheen, Jeanne [D-NH] · D · Cosponsor
• Sen. Walsh, John E. [D-MT] · D · Cosponsor
• · ssbk00 · Standing

Related records

• related to → Consumer Rental Purchase Agreement Act