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United States · Bill · S

S. 4037 (109th)

Rent-To-Own Reform Act of 2006

referredUnited States· United States Congress· EN

Introduced

29 September 2006

Last action

29 September 2006 · Introduced

Status

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

Sponsors

Sen. Schumer, Charles E. [D-NY]

Subjects

Discovery layer

Source updated

15 August 2025

Official sourceDownload fileView documentsShare

Summary

Rent-To-Own Reform Act of 2006 - Amends the Consumer Credit Protection Act to prohibit a seller in a rent-to-own transaction from receiving or assessing any interest, finance charge, or other fee for the transaction that exceeds the interest, fees, or finance charges permissible under the laws of the state in which the seller is located which establish: (1) a maximum rate or amount of interest, finance charge, or time-price differential that may be charged in connection with a credit sale or retail installment sale for the same or a similar item; (2) the types of fees and the maximum amount of fees that a seller may so charge; or (3) the types of credit insurance and the maximum amount of premiums that can be charged for credit insurance in such a connection. Permits certain additional termination charges and fees. Cites federal laws which are applicable to a rent-to-own transaction. Sets forth required disclosures, prohibitions, and enforcement, as well as civil liability for failure to properly disclose the terms of a rent-to-own transaction. Declares this Act inapplicable to certain motor vehicles sales and leases otherwise subject to the Truth in Lending Act.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 29 September 2006

    Introduced

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

    Source: IntroReferral

  2. 29 September 2006

    Introduced

    Introduced in Senate

    Source: IntroReferral

Votes

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Versions

Documents

3 official files

Introduced in Senate (text)

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Leesvertaling

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  • Introduced in Senate (text)

    Introduced in Senate · EN · 29 September 2006

    ViewDownloadOpen at official source

  • Introduced in Senate (PDF)

    Introduced in Senate · EN · 29 September 2006

    ViewDownloadOpen at official source

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  • Introduced in Senate

    summary · EN · 29 September 2006

    Open at official source

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Sponsors

Related records

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Sources

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