Consumer Rental-Purchase Agreement Act of 2003

Summary

Consumer Rental Purchase Agreement Act of 2003 - Amends the Consumer Credit Protection Act to prescribe 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, and other specified types of provisions; (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. Provides for Federal and State enforcement of this Act. Subjects to criminal penalties any willful and knowing violation of the information disclosure requirements of this Act.

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Timeline

1. 10 April 2003

   Introduced

   Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S5233-5237)

   Source: IntroReferral

2. 10 April 2003

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 10 April 2003 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 10 April 2003

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 10 April 2003

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 10 April 2003

  Open at official source

Sponsors

• Sen. Landrieu, Mary L. [D-LA] · D · Sponsor
• Sen. Nelson, Ben [D-NE] · D · Sponsor
• Sen. Shelby, Richard C. [D-AL] · R · Sponsor
• Sen. Lincoln, Blanche L. [D-AR] · D · Sponsor
• Sen. Hutchison, Kay Bailey [R-TX] · R · Sponsor
• Rep. Johnson, Tim [D-SD-At Large] · D · Sponsor
• Rep. Bunning, Jim [R-KY-4] · R · Sponsor
• Sen. Reid, Harry [D-NV] · D · Sponsor
• Sen. Miller, Zell [D-GA] · D · Cosponsor
• Sen. Talent, Jim [R-MO] · R · Cosponsor
• Rep. Breaux, John B. [D-LA-7] · D · Cosponsor
• Mike Crapo · R · Cosponsor
• Rep. Carper, Thomas R. [D-DE-At Large] · D · Cosponsor
• Sen. Hagel, Chuck [R-NE] · R · Cosponsor
• Rep. Lott, Trent [R-MS-5] · R · Cosponsor
• Sen. Brownback, Sam [R-KS] · R · Cosponsor
• Sen. Conrad, Kent [D-ND] · D · Cosponsor
• Rep. Roberts, Pat [R-KS-1] · R · Cosponsor
• Rep. Craig, Larry E. [R-ID-1] · R · Cosponsor
• Sen. Bayh, Evan [D-IN] · D · Cosponsor
• Sen. Smith, Gordon H. [R-OR] · R · Cosponsor
• Sen. Bond, Christopher S. [R-MO] · R · Cosponsor
• Rep. Cochran, Thad [R-MS-4] · R · Cosponsor
• Rep. Dorgan, Byron L. [D-ND-At Large] · D · Cosponsor
• Sen. Daschle, Thomas A. [D-SD] · D · Cosponsor
• Patty Murray · D · Cosponsor
• Sen. Allen, George [R-VA] · R · Cosponsor
• Rep. Baucus, Max [D-MT-1] · D · Cosponsor
• · ssbk00 · Standing

Related records

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