A hearing is being held this morning by the Wisconsin Senate Committee on Agriculture, Financial Institutions and Insurance to hear debate on Senate Bill 486 (SB486), the Wisconsin Rental−Purchase Agreements Act. (See the bill text here pdf)

Wisconsin legislators are reconsidering the states restrictive approach to rent to own with the introduction and fast-tracking of SB486.

With a few notable acceptations, the proposed legislation mirrors other state statutes. The Act modifies the Wisconsin Consumer Act to specifically exempt rental purchase agreements from inappropriate requirements common to credit sales. These clarifications are seen as necessary to create a safe environment for business in the state. The Act also caps class action awards.