"Consumers should have the choice to rent merchandise with the option to own it rather than make an outright purchase. Current law denies that rental choice. SB 486 fixes that problem"
Doug Johnson, Sr. VP & General Counsel of the Wisconsin Merchants Federation

Rent to Own industry insiders aren't the only ones lobbying for change in Wisconsin. Doug Johnson, Sr. VP & General Counsel of the Wisconsin Merchants Federation testified before a Wisconsin Senate committee today on behalf of its 6,000 strong membership in support of the Wisconsin Rental Purchase Agreements Act (SB486).

In a statement to the committee, Mr. Johnson said, "Consumers should have the choice to rent merchandise with the option to own it rather than make an outright purchase. Current law denies that rental choice. SB 486 fixes that problem."

Johnson went on to explain, "Wisconsin Merchants Federation members were involved at the very outset with the creation of the Wisconsin Consumer Act. Our members are well aware of its requirements and protections. Extending them to "rent to own" transactions makes sense. Treating rent to own transactions as consumer credit transactions makes no sense."

Johnson concluded, "The price and terms disclosures required by SB 486 are understandable. Requiring an annual percentage rate to apply is as confusing as it is inapplicable. SB 486 uses the California model of price and terms disclosure. It works there. It will work here."

Supporters say this is crunch-time. The session ends on March 11th. Much of the political heavy lifting was done prior to the bills introduction but some minor amendments are expected. Governor Doyle, known for his consumer advocacy, insisted on several additional layers of consumer protection. All sides seem to agree that SB486 gives consumers choice while protecting against industry abuse.

The bill may see action as early as today (Tue, 3-2-04), but with both houses working simultaneously, 30 pages of legislation to re-draft based on amendments, and 7 business days left on the clock, time is a bigger enemy than opposition.