US SB1208 | 2013-2014 | 113th Congress
Status
Spectrum: Bipartisan Bill
Status: Introduced on June 20 2013 - 25% progression, died in committee
Action: 2013-06-20 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on June 20 2013 - 25% progression, died in committee
Action: 2013-06-20 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]
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.
Title
Consumer Rental Purchase Agreement Act
Sponsors
Sen. Jon Tester [D-MT] | Sen. Max Baucus [D-MT] | Sen. Mark Begich [D-AK] | Sen. Roy Blunt [R-MO] |
Sen. Saxby Chambliss [R-GA] | Sen. Johnny Isakson [R-GA] | Sen. Mary Landrieu [D-LA] | Sen. Jerry Moran [R-KS] |
Sen. Mark Pryor [D-AR] | Sen. Harry Reid [D-NV] | Sen. James Risch [R-ID] | Sen. Pat Roberts [R-KS] |
Sen. Jeanne Shaheen [D-NH] | Sen. John Walsh [D-MT] | Sen. Roger Wicker [R-MS] |
History
Date | Chamber | Action |
---|---|---|
2013-06-20 | Senate | Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. |
Same As/Similar To
HB1551 (Related) 2013-04-15 - Referred to the House Committee on Financial Services.
Subjects
Administrative law and regulatory procedures
Business records
Consumer affairs
Consumer credit
Contracts and agency
Federal preemption
Federal Trade Commission (FTC)
Finance and financial sector
Fraud offenses and financial crimes
Lease and rental services
Marketing and advertising
Small business
Business records
Consumer affairs
Consumer credit
Contracts and agency
Federal preemption
Federal Trade Commission (FTC)
Finance and financial sector
Fraud offenses and financial crimes
Lease and rental services
Marketing and advertising
Small business
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/113th-congress/senate-bill/1208/all-info |
Text | https://www.congress.gov/113/bills/s1208/BILLS-113s1208is.pdf |