H.R. 996 · 108th Congress
Consumer Rental Purchase Agreement Act
- Stage
- In committee
- Sponsor
- Walter Jones
- Introduced
- 2003-02-27
- Latest action
- 2003-03-14 · Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Summary
Consumer Rental Purchase Agreement Act - 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. Establishes civil and criminal liability for violations of this Act.Grants enforcement powers to the Federal Trade Commission and to State attorneys general.