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The
Consumer Rental Purchase Agreement Act
(The Act) lost 5
of it's most powerful Democratic supporters in Tuesdays sweeping Republican
victories. But sources insist the odds of passage have actually increased
dramatically as a result.
The highest raking co-sponsor defeated was Senate Minority Leader Tom Daschle (D-SD).
Daschle, narrowly
defeated by Republican John Thune, signed on to The Act as a co-sponsor in May
of this year (see story).
Early indications are that Daschle will be replaced as Minority Leader by Nevada
Senator Harry Ried (D) who is also a co-sponsor of the The Act.
A political consultant for the rent to own industry told RTO Online, "Harry Reid
is more likely to [ignore] Democratic critics like Paul Sarbanes (D-MD), and
will be more willing to work with us in a conference committee and with the
Republican leadership." Long time RTO industry advocates Max Sandlin (D-TX) and
Martin Frost (D-TX) were also defeated.
Supporters of federal legislation plan one final push
this session. Their hope is that, with the election over, The Act can be attached
to another bill and passed in both houses. This session may also mark the last
fully funded participation of APRO (The Association of Progressive Rental
Organizations).
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Defeated incumbent name |
RTO Bill
Cosponsor |
State
Status |
|
Senate |
|
|
|
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Thomas A. Daschle (D-SD ) |
Yes |
 |
|
House |
|
|
|
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Martin Frost (D-TX 24) |
Yes |
|
|
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Max Sandlin (D-TX 1) |
Yes |
|
|
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Nick Lampson (D-TX 9) |
Yes |
|
|
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Brad Carson (D-OK 2) |
Yes |
|
|
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Charles W. Stenholm (D-TX 17) |
No |
|
|
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Philip M. Crane (R-IL 8) |
No |
|
|
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Max Burns (R-GA 12) |
No |
|
|
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Baron P. Hill (D-IN 9) |
No |
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APRO was forced to virtually eliminate it's legislative budget when Rent a
Center and Rent Way, the Association's two largest dues paying members, resigned
in October. (see story)
Multiple sources say the resignations have been brewing for some time and were,
at least in part, due to a dispute with APRO's board of directors. The dispute
came to a head after
the board of directors voted to keep secret the results of an independent
investigation into alleged improprieties by Association officials. According to
information given to RTO Online, APRO's Executive Committee reviewed the
investigations findings during a July 19th conference call and implemented several policy changes, but issued no formal reprimands. The
investigation was prompted by accusations made by a former
APRO employee.
Sources close to the situation say the countries two largest rent to own
companies would prefer some sort of "alliance" with APRO that does not include
full membership, but allows all three groups to work towards common goals,
including passage of federal legislation.
APRO members have successfully lobbied 48 states to pass rental purchase
statutes since 1985. During that same time period, The Consumer Rental Purchase
Agreement Act has been been introduced in the U.S. House of Representatives
seven times. The Act was passed by the House in 2002 (see
story), but was not taken up by the Senate. Recent efforts have been focused
almost exclusively on Senate passage. The bill is currently pending before the
Senate Banking, Housing, and Urban Affairs Committee where a hearing was held in
June, 2004. (listen
to audio of Senator Mary Landrieu's (D-LA) testimony in support of The Act)
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RTO Online is the official channel for Rent-to-Own Industry News and the
only independent source of news for the rent-to-own, rental-purchase,
lease-purchase trade. RTO Online (Rent to Own Online) represents the choice
of the entire RTO Industry for trusted information, as it happens. |
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