Rent to Own Online
"All Rent to Own...All the Time"

Home

| About RTO Online | RTO Tradeshow | Press
#1 Online Destination For the Rent to Own Industry
Trade portal for companies who rent to own furniture, electronics, appliances, custom wheels, jewelry and other home goods.
Rent to Own Online
Rent to Own Tradeshow
Who's Who in rent to own  
The Rent to Own industry's event photo album  
Video podcast interviews with Rent-to-Own industry professionals  
Audio podcast interviews with Rent-to-Own industry professionals  
Rent-to-Own Industry Federal Legislative Guide  
Rent to Own Industry Jobs and Resumes  
Search Rent to Own Online  
Subscribe to
RTO Magazine

E-mail Address :

Manage Subscriptions
 
RTO Magazine
 
United States Rent to Own Store Locator  
State Rent to Own Law  
Rent to Own Websites  
Rent to Own Industry Poll  
Editorials By Rent to Own Professionals  
Rent to Own Stocks  
Rent to Own Links  
Rent to Own Industry Events  
Rent to Own Online Archive  
Rent to Own Industry Training  
Advertise on the number one website for rent to own professionals  
Rent to Own Industry Blog  
Rent to Own Chat  
Rent to Own Industry Forum  
Rent to Own Industry Glossary  
National News  
Contact Rent to Own Online  
 

Site Statistics

 

Poll

 

Consumer Rental Purchase Agreement Act; HR 1767
04-16-07
RTO Online - The rent to own industry's trade website
Email this page to a friend

Rate: 

Your email address Worthless Helpful I have tears of joy Better than War and Peace

Add your Comments

Factoids

Back to news

Related Articles
most recent first

House Committee to Markup Consumer Financial Protection Act
California Democrat Cosponsors Rent-to-Own Legislation
Consumer Protection Agency Hearing Set for Wednesday
Wexler Supports Rental Purchase Act
Rent to Own Legislation Gains New Support
Box Clever Won't Go Away; Prosecutors Plan Retrial
Mike McConnell: Policy Matters Ohio Tactics "Soviet"
Editorial: Democrat Health Bill Could Handicap Small Businesses

Multiple Trade Associations Move Industry Forward

New York City Electronics Recycling Law Could Add Millions to Cost
SBA Activity Gives False Impression of Recovery
Rent-A-Center Denies Washington AG Allegations
Washington AG Accuses Rent-a-Center of Harassment
Retailers Welcome CIT Deal to Avoid Bankruptcy
Rental Purchase Act House Co-Sponsorship Breaks 100
Barney Frank to Fast-Track Consumer Protection Agency Bill
Legislation Reduces Small Business Start-up Costs
Association Launches Furniture Industry Advocacy Site
The State of Small Business
New Federal Agency May Have Rent-to-Own Industry Oversight
Landrieu Hosts Small Business Outreach Conference
Missouri Becomes Second State With Full House Support for Rental Purchase Act
Policy Matters Ohio Rent-to-Own Report
Republicans Have Chance to Unseat Wisconsin Gov Doyle
Association Urges Senate to Reject Pay-or-Play Employer Health Care Mandate
Frequently Asked Questions on Identity Theft Rules

Rent-A-Center Makes the RTO Industry's Case

Republicans Move to De-Fund Anti-Rent to Own Group
Rent-A-Center Prepares Strong Case for High Court
Pressure Increasing on Congress to Reject Employee Free Choice Act
Deceptive Practices Could Cost Conn's $40 Million
Revised Furniture Tip-Over Standard Issued
Report: Conservatism is Dead Man Walking
Explanation of Antitrust Concerns Facing Trade Associations
Obama Pledges Support For Small Business
Op-ed: Status of Small Businesses, By Sens. Mary Landrieu and Olympia Snowe
Democrats Slow to Support Rental Purchase Act
Dear Mr. President, Enough
Trans Secretary Ray LaHood to Keynote DC Retail Conference
Small Business Owners Fear Employee Free Choice Act
Will the Rental Purchase Act Become Law?
Obama Popular, Appointees not so much
Arlen Specter Hands Democrats Unbreakable Majority
Giving the Rent-to-Own Industry a Voice
Financial Services Committee Clears Credit Cardholders' Bill of Rights
Nationwide Rental Coalition Brings New Blood to Washington DC
Missouri Appliance Sales Tax Holiday Begins
Rent-to-Own Industry Legislative Conference Attendee Toolkit
Minnesota's Bachman Supports Rental Purchase Act
Editorial: Bless Me Father For I Might Be A Democrat
New England Rental Dealers Set National Focus
Do-Not-Call Goes Postal; San Francisco Passes Do-Not-Mail Resolution
Zogby; Business Leaders Not Happy with Obama's First 60 Days
Text of Rental Purchase Act Released
Electronics Industry to Congress "No More DTV Transition Delays"
Landrieu Schumer Team Up; Call for Small Business Advocate
CEA; Employee Free Choice Act Harmful
Northeast Rental Dealers to Meet March 31
Obama Pledges $15 Billion to Unlock Commercial Credit
RTO Act Supporter Landrieu Receives Economic Development Award
Letter to the Editor; Employee Free Choice Act Gives Workers a Voice
Franchise Association Says Employee Free Choice Act Bad for Business
RNC Releases Jim Cramer Response To The White House
Barney Frank Vows to Continue Financial Reform Agenda
Rental Association Sees Stimulus as Welcome Relief
Anti Rent-to-Own Group Nominated for New York Times Award
Americans File Taxes Earlier; Retailers Urged to plan Early Promotions

Registration Deadline for Free Rooms at Legislative Conference Nears

Rent-to-Own Industry Legislative Action Database Update
IRS Issues Updated Withholding Tables
Association Urges Congress To Overturn Ban On Same-As-Cash
Stimulus Bill Expands Small Business Expensing Limits
Theft of Leased Property Bill Introduced in Missouri Assembly
Georgia Seeks to Impose Strict Security for Online Rent-to-Own
Groundwork Laid for Consumer Rental Purchase Act of 2009
Majority of Voters Oppose Obama Economic Recovery Plan
Stimulus Not Enough; Retailers Call for National Sales Tax Holidays
Fed Survey; Commercial Credit Remains Tight
Provision to Expand Lawsuits Include in Stimulus Package
Freddie Mac to Offer Rent-to-Own Option on Foreclosed Homes
APRO Continues Tradeshow Co-Location Debate
APRO Calls On President to Follow State Example in RTO Regulation
NY Mayor Bloomberg Announces Underbanked Savings Program
Louisiana Rental Dealers to Attend New Orleans NRC Event
Ralph Nader Calls on Obama to Strengthen Consumer Protections
NRC and State RTO Association Meeting Scheduled for March
New York City Council Sets Rent-to-Own Hearing
Preemption Top Concern for Attorneys General
Rental-Purchase Act Supporter Hensarling Appointed Ranking Member of Key Subcommittee
Recipe for Disaster; 260 Democrats and One Can of Whoop-Ass
RTO Supporter Senator Landrieu Shakes Up Staff
Third of 111th Congress Freshman Own Small Businesses
Association Urges Obama to Move Quickly on Stimulus Package
Office of Thrift Supervision Issues Final Credit Card Rule
Association Calls for Federal Action on Rent-to-Own Law
RTO Industry Supporter Mary Landrieu to Chair Senate Committee
New York Rent-to-Own Protests Continue; Habitat Exec Clarifies Remarks
New England Rental Dealers Elect Officers; 4 New Podcasts
Massachusetts Court to Hear Rent-A-Center Motion to Dismiss $5 Million Suit
Rent-to-Own Industry Supporter Saxby Chambliss Runnoff Today
NRC Announces Tri-state Rental Dealer Association
Nationwide Rental Coalition Organizes Connecticut Trade Association
Massachusetts Rent-to-Own Dealers Form Trade Association
Paul Davis of Nation's Rent-to-Own Enters Local California Politics
Election Night Poll; 77 Percent of Democrats Say Frivolous Lawsuits Hurt Economy

From English as Official Language to Payday Loans; Citizen Ballot Initiatives On the Rise

Advance America CEO "Deeply Troubled"; Comments on Ohio Payday Lending Law
U.S. Companies Preparing for Rise in Litigation Following Two Years of Declines
Nationwide Southwest Sponsors RTO Industry Pros at Texas Governor's Mansion
RTO Industry Supporter Landrieu Poised for Come From Behind Victory
Experts Fear Democratic Congress Will Pass Lawsuit-Expanding Provisions
Schumer Proposes Small Business Stimulus Package; NRF Asks Congress for Another Round of Checks
Nationwide Rental Coalition Seeks Support From NY Senator Hillary Clinton
Texas Democrat Announces Support of Rental Purchase Agreement Act
Civil Rights Commission Report; U.S. Voter Fraud Requires Immediate Attention
Aaron's Announces Support for Consumer Rental Purchase Agreement Act
Obama Widens Lead Over McCain; Obama 48%, McCain 39%
Fed Moves to Free Up Commercial Credit; Will Purchase Commercial Paper
NAAG Issues National Top 10 List Of Consumer Complaints

NRF Says U.S. in "Profound Economic Crisis"; Urges Senate Action

California Rep Becomes 100th Supporter of Rental Purchase Act
Little Known Rent-to-Own Industry Legislative Facts
Ranking Ways and Means Republican Supports Rental-Purchase Act
Rent-to-Own Transaction Favored in Ralph Nader's 10-Point Plan
Nationwide Rental Coalition Legislative Conference Changes Venue to Accommodate Larger Turnout
Billions Spent Preparing for Digital Transition Deadline; Transition Trivia
NCPA Endorses Sarah Palin as Republican Vice Presidential Nominee
Small Business Not Politically Active; One Quarter Donate to Campaigns
New Poll Shows RTO Sponsor Landrieu Over Kennedy by 16 Points
RentDirect Covering Cost of First 200 Legislative Conference Registrants
RTO Champ Landrieu Falls Behind Challenger Kennedy
Ohio Governor Strickland Offers Mandatory Sick Leave Compromise
UK Rent to Own Company Launches Records Dumping Inquiry
Senator Lieberman: Rent to Own "Sad Reality"
Barney Frank, Maxine Waters Urge Voluntary Halt to Foreclosures
States Extend Sales Tax Holidays to Appliances
The Americans with Disabilities Act Compliance Guide
The Do Not Call List and You
Republican Kay Granger Backs Rental Purchase Agreement Act
RentDirect Launches Rent-to-Own Industry Trade Association
Congressional Approval Rating at All-Time Low
SEMA Elects New Board
Legal Duties of Nonprofit Board Members
IRS Approves 17 Percent Increase in Business Mileage Deduction
Federal Reserve Seeking Nominations for Consumer Council
Kanjorski to Back Rental Purchase Agreement Act
UK RTO BoxClever Banker Acquitted
RentDirect Developing Legislative Action Alternative to APRO
Congress Introduces Home Office Deduction Simplification Act
Lawmakers Urged to Vote No on Rent-to-Own Amendment
Senator Schumer; Color Coded
Nationwide Pulls APRO Financial Support Over Ethical Concerns
Nationwide Responds To APRO TRIB Alliance
Can Rent to Own Association Remain Independent?
New Jersey Rent to Own Bill Scheduled For Hearing
Senate Passes Lawsuit Protection Over Credit Card Receipts
House Passes Law Making it Easier to Remodel Retail Stores
Check 'n Go Pays $220,000 Settlement After Customer Records Found In Dumpster
What's Next For Rental Purchase Agreement Act
Clinton Overtakes Obama With Democrats Nationally
National Governors Association Presses Congress For Unemployment Extension
SBA Recommends Alternatives to Social Security No-Match Rule
West Virginia, Louisiana Worst State Lawsuit Climates
Videocast With Jeff Everson, Regional Representative for Senator Mary Landrieu
Chairman Barney Frank Call for GAO Study on Fair Lending Enforcement
Congressional Brain Trust Sponsors Rent to Own Legislation
Senior Republicans Announce Support of Rental Purchase Agreement Act
CEA Tells Congress Consumer Education on Digital Transition Working
Drive to Simplify IRS Home Office Deduction Gaining Steam
Gas Prices High Enough; Americans Tell Congress No More Gas Taxes
NHTSA's Proposed Tire Registry Rule Gets SBA Support
Seven Term Iowa Republican Tom Latham Supports Rental Purchase Agreement Act
One Fifth of U.S. Households Will Spend Stimulus Package Funds on Consumer Electronics
Elliot Spitzer To Resign; Ethics King Involved In Prostitution Ring
Freshman New Yorker Pushes Rental Purchase Agreement Act Cosponsors Over 80; Senate Stalled at 21
Indiana Blue Dog Baron Hill First Indiana Rep to Support Rental Purchase Agreement Act of 2007
Ohio Association Strongly Opposes Mandatory Paid Sick Leave Act
Rental Purchase Agreement Act Gets Seven New Cosponsors
Ralph Nader Seeks To Influence Obama, Clinton on Rent-to-Own, Payday
Iowa Rent to Own Bill Copies West Virginia; DOA in Iowa House
Indiana Senate Takes First Look At Rent-to-Own Property Legislation
Eleven Term Tennessee Republican John Duncan Supports Rental Purchase Agreement Act
Republican Trio LaTourette, Aderholt, King Cosponsor Rental Purchase Agreement Act
National Federation of Independent Business Endorses Widener For Ohio Senate
Missouri Reps Akin and Graves Support Rental Purchase Agreement Act
Consumers Can Sue Debt Collector, Federal Court Rules
Business Activity Tax Simplification Act (BATSA) Introduced in House
New Jersey Rent-to-own Bill Introduced With Ten Co-sponsors
Iowa Senate Committee Votes To Modify Consumer Rental Purchase Agreement Law
Family And Medical Leave Act Extended To Cover Members Of Armed Services
Barack Obama Backs Plan To Cap Payday Loans
Congressman Barney Frank's Rookie Mistake
State of the Union Rated Poor by 4 Out of 5 Americans
National Taxpayer Advocate To IRS Calls For Simplified Home Office Deduction
Fed Chairman Bernanke Voices Inflation Concerns
TARA Lobbyist Terral Smith Named Texas House Speaker Chief of Staff
Third Rent to Own Industry Supporter In Six Months Resigns From Congress; Rep Richard Baker Resigns To Head Association
Editorial
Clinton, Edwards, Obama Pander To Consumer Activists
Roger Wicker To Replace Retiring Trent Lott In U.S. Senate
Oregon Check Cashing Limits Take Effect Today
Minimum Wage Hikes Will Cause Job Loss
House Small Business Committee Unanimously Approves Regulatory Improvement Act; Changes Will Reduce the Regulatory Burden on Small Firms
Fed Cuts Prime Rate; Barney Frank, "It's Not Enough"
Pennsylvania Democrat Holden Supports Pro Rent to Own Industry Bill
Rent to Own Industry Supporter Trent Lott To Resign From Senate
Nebraska Senator Chuck Hagel Supports Rental Purchase Agreement Act; Senate Cosponsor At 21
Providence Rhode Island Mayor's Task Force Recommends Allowing City To Ban Rent to Own And Other Services
New York State Rental Dealers To Combat Negative Rent to Own Industry Perceptions
Fed Updates Consumer Lease Disclosure Requirements
Seven Term Mississippi Representative Roger Wicker Supports Rental Purchase Agreement Act; House Cosponsor Count at 61
Message To Attorneys General, Stop Threatening Business With Criminal Prosecution To Force Settlements
Podcast on the Ramifications of Congress' Delay In Passing the Alternative Minimum Tax Patch
Alabama Senator Jeff Sessions Supports Rental Purchase Agreement Act; Senate Cosponsor Count Hits 20
Congress to Hold Hearing on Organized Retail Crime
No-Match Letters And You; Groups Continue Fight Against Burdensome Citizenship Rules
Ohio Freshman Representative Zachary Space Supports Rental Purchase Agreement Act; House Cosponsor Count Hits 60
North Carolina Blue Dog Democrat McIntyre Supports Rental Purchase Agreement Act
New York Democrat Representative Clarke Supports Rental Purchase Agreement Act
Presidential Candidates Failing To Connect; Hillary Clinton Generates the Most Positive and Negative Response
Rent-A-Center Rescues Vandalized Buffalo, New York Club; Buffalo Mayor Brown Recognizes RAC For Community Involvement
National Governors Association Wants Internet Tax
Interview With Gloria Homeier-Schwein, Owner, A Full House Rentals
Interview With Express Rentals Owner Jean-Guy Poulin
North Carolina Representative Hayes Cosponsors Rental Purchase Agreement Act For First Time; House Count at 57, Senate 19
Poll; People Twice As Likely To Trust Bloggers Than Congress or the Media
Barack Obama Generates More Unique Website Visitors Than Top Three Republicans Combined; Thompson Leads Among Republicans
Two Southern Republicans Cosponsor Rental Purchase Agreement Act; House Count at 55, Senate 18
Poll Shows Conservatives Favor Fred Thompson Over Next Closest Republican 2-1 Even Before Announcement
Federal Reserve To Hold Underbanked Consumer Conference; BAI To Host Webinar on Tools for Unbanked Consumers
Ohio Representative Pryce Announces Retirement From Congress
New York Legislature Galvanizes Rental Dealers; Legislative Conference Set For January
Association Seeks Administrative Changes To National Do Not Call Registry
New Democrat Bobby Etheridge (NC) 50th Cosponsor to Rental Purchase Agreement Act
Former Blue-Dog Representative Ralph Hall Cosponsors Rental Purchase Agreement Act
Minimum Wage Increases To $5.85 Today
California Supreme Court Rules Against Frivolous Lawsuits
Tennessee Governor Signs Regulatory Flexibility Law; Requires Lawmakers To Consider Legislative Impact On Small Business
Just Say No To Government-Mandated Paid Sick Leave
Texas Governor Signs Small Business Regulatory Flexibility Provisions
Barack Obama Narrows Hillary Clinton's Lead Among Democrats; Democrats Lead Republicans Overall By 8 Points
New Jersey Democrats Go After RTO Homes
Presidential Politics; Rudy Giuliani's Lead Shrinks As Fred Thompson Moves Solidly Into Second Place In GOP Race
Direct Comparison Of Rental Purchase Agreement Act and Rent to Own Reform Act
House Financial Services Committee Schedules Hearing On Future of Consumer Protection
Schumer To Introduce Rent to Own Legislation
Recycling Tax Proposed For Consumer Electronics; Consumers To Pay At Point of Sale
Fed Seeks New Disclosure Requirements
Lawsuits Drain Economy, Alter Business Decisions; U.S. Chamber: 'Broken Lawsuit System' Hurts Small Businesses
Small Business Lending Bill Clears Committee
Hillary Clinton Widens Lead Over Barack Obama; Gore, Edwards Show No Signs Of Success
Barney Frank, John Dingell Call For Federal Regulation Of Payday Lending And Other Financial Services
Association Calls On Congress To Pass H.R. 1201, the Fair Use Act
Federal Reserve To Begin Comprehensive Study Of The Economic Condition Of American Families
Retailers Express Concerns Over Identity Theft Act of 2007
Georgia Senator Isakson Supports Rental Purchase Agreement Act
SBA Counsel Recommends Sarbanes-Oxley Relief
Rental Purchase Agreement Act Gains 10 Cosponsors
Consumer Rental Purchase Agreement Act; HR 1767
Politics On the Web; Younger Audiences Prefer Barack Obama, The Money Prefers Hillary
House Financial Services Committee Passes Shareholders Vote on Executive Compensation Act
Association Supports Federal Trade Commission's Charges Against Mystery Shopping Service
More States Consider Small Business Regulatory Flexibility
FCC Declines To Set Mandatory Conversion Date For Digital Radio
Government Interference in Companies' Salary Policy Sets Dangerous Precedent
Rent to Own Property Tax Amendment Reported Favorably Out Of Committee
Arkansas Law Gives Small Business Owners A Voice In The State Regulatory Process
Democrat Hillary Clinton Takes Early Lead in Online Race to the White House; Double The Traffic of Three Top Republicans Combined
Democrats Vote to Suspend Basic Guarantees of Democracy in Union Elections
Rent to Own Property Tax Amendment Scheduled For Public Hearing
Texas State Senator Carona To Re-introduce TARA Supported Constitutional Amendment
New York Introduces Bill To Ban Spinner Rims
Report; Small Business Startups Drive State Economies
Texas Rental Dealers Wrap Legislative Conference; Solid Start To 80th Session
Senate Approves Minimum Wage Hike
New York Democrat and PIRG Hero Maloney To Chair House Subcommittee on Financial Institutions and Consumer Credit
Texas Democrat Harold Dutton Introduces Rent to Own Price Cap
Rent To Own Industry Execs Set Legislative Agenda At Dallas Conference
It Begins; New York City Councilmen Lay Groundwork For Schumer's Anti RTO Legislation
West Virginia Rental Dealers Association Meeting Planned For March
Coalition Formed To Fight Government Attempts to Limit Financial Services To Low and Moderate Income Consumers
National Black Caucus of State Legislators Claims Credit Scores Used to Deny African-Americans Access to Financial Services
Text of Proposed New York Rental Purchase Legislation; Links to New York Legislators
APRO Hosts Legislative Conference; All North American Rent to Own Companies Urged to Attend
Transcript of Remarks by Chairman Barney Frank on Wages at the National Press Club
Incoming House Financial Services Chairman Barney Frank to Address the National Press Club; 'Waging War on Wages'
Rent to Own Legislation 101; A Real World Guide To Communicating With Legislators
Politics; 50 Percent of Democrats Want Hillary Nominated; 32 Percent Say Obama
Lawmakers Vote to Maintain Payday Lending in Virginia
FiSCA Weighs In On Center For Responsible Lending Payday Loan Report; Study Misrepresents Data Regarding Rollovers, Fails To Address Hi-Cost Alternatives
Video Gaming Association Lawsuit Successful; Michigan To Pay Over $180,000 In Legal Fees
Association Trashes Center For Responsible Lending Payday Loan Report; Report Misrepresents Industry
Gallup Poll; Nine of Ten Small Business Owners Will Vote In Upcoming Congressional Elections
Association Backs Digital Freedom Campaign
Pennsylvania Uses $20 Million Taxpayer Dollars For Government Funded Payday Loan Program
Top 10 Reasons To Vote Republican In the Upcoming Election
Complete Text Of Schumer's Rent to Own Protection Act
U.S. Labor Department Launches Web site to Help Employers Comply with Health Benefit Laws
Senator Chuck Schumer; The Most Trusted Man In Congress
Senate Banking Committee To Hear Testimony On DOD Payday Lending, Rent to Own Report
Legislative; Study Claims Term Limits At Heart Of Uncivil Legislatures
New Jersey Supremes Rule Against Class Action Waivers In Binding Arbitration Clause
Schumer's Office Pushing Bogus Rent to Own Report
Retailers Urge Trading Status For Vietnam; Move Could Increase Furniture Imports
Proposed Legislation Could Raise Cost Of Electronics; Analog Hole Legislation is a Bad Solution in Search of a Problem
Minnesota Attempts Bill To Fine Stores, Underage Kids For Renting M Rated Games; Association Seeks to have Law Declared Unconstitutional
Michigan Car Dealer Fined For Violations Of Rental Purchase Agreement Act
Rental Purchase Amendment Fails In Committee
El Paso Rental Dealer Hosts Bi-Partisan Luncheon For Key Texas Representative
Governors Oppose Business Activity Tax Simplification Act; Say Legislation is an Intrusion into States’ Authority
Rent A Center; New Jersey Ruling Not Expected To Affect Other States
New Jersey Supreme Court Reverses Perez v. Rent-A-Center; Says Rent to Own Agreements "Similar" to Retail Sales
Rental Purchase Act Passes Wisconsin Assembly; Bill Goes To Governor
Reminder; Anti Business Bill On New York Judiciary Committee Agenda
U.S. Senate Banking Committee Hearing On Federal Rent To Own Law "As Expected"; Chairman wants action within 30 days as part of regulatory relief
New Jersey Assembly Committee Overwhelmingly Approves Rental Purchase Act; Bill Moves Forward
Rental Purchase Act Scheduled For Hearing In New Jersey Assembly; Act Introduced In Senate
Florida Representative Tom Feeney Supports Rental Purchase Agreement Act
The Financial Data Protection Act of 2005 Introduced; Would Require Tighter Store Level Security
Wisconsin Moves One Step Closer To Mainstream Rental Purchase Legislation
Tennessee Duo Co-Sponsor Rental Purchase Act
Wisconsin Legislators To Debate Rent to Own Law
Rental Purchase Agreement Act; Flurry Of Support Follows Successful Committee Hearing
Senate Hearing Set For Rental Purchase Act; House Co-Sponsor Count Hits 30
New Jersey RTO Bill Hearing Scheduled
Eight More Legislators Endorse Rental Purchase Agreement Act
Former HUD Secretary Endorses Rental Purchase Agreement Act
House Overwhelmingly Approves Business Checking Freedom Act of 2005; 424-1
Bad Policy Starts Small; Alabama Town Proposes Tax On Rent to Own Payments
Long Battle To Raise Maximum Late Fees Comes To Successful Conclusion In Texas
Rental Purchase Agreement Act Gets Flurry Of Support
Texas House To Vote On Rent To Own Late Fee Bill
Rental Purchase Agreement Act Gains 3 Key Co-Sponsors
Rent To Own Agreement History Can Benefit Consumers; House Subcommittee To Hold Hearing Next Week
North Dakota Democrat Supports Rental Purchase Act
RTO Amendment Clears Texas House; Passes Unanimously
New Jersey Rent to Own Bill Scheduled For Hearing This Week
U.S. House Approves Resolution Promoting Small Business Bill of Rights
Bedding And Late Fee Bills Progressing In Texas Legislature
Rent to Own Coalition Gains Cosponsors; Holds 50 Meetings With Legislators
RTO Legislative Conference Kicks Off In DC
Rent A Center Class Action Dismissed In Arkansas
Rental Purchase Disclosure Bill Introduced In House of Representatives
The Coalition for Fair Rental Regulations Invites RTO Dealers To Join Effort; Legislative Conference Set For April
Consumer Rental Purchase Agreement Act of 2005 Introduced In Senate
Rent To Own Legislation Introduced In New Jersey

 

Below is the complete text of the Consumer Rental Purchase Agreement Act of 2007.

“Sec. 1001. Definitions.
“Sec. 1002. Exempted transactions.
“Sec. 1003. General disclosure requirements.
“Sec. 1004. Rental-purchase disclosures.
“Sec. 1005. Other agreement provisions.
“Sec. 1006. Right to acquire ownership.
“Sec. 1007. Prohibited provisions.
“Sec. 1008. Statement of accounts.
“Sec. 1009. Renegotiations and extensions.
“Sec. 1010. Point-of-rental disclosures.
“Sec. 1011. Rental-purchase advertising.
“Sec. 1012. Civil liability.
“Sec. 1013. Additional grounds for civil liability.
“Sec. 1014. Liability of assignees.
“Sec. 1015. Regulations.
“Sec. 1016. Enforcement.
“Sec. 1017. Criminal liability for willful and knowing violation.
“Sec. 1018. Relation to other laws.
“Sec. 1019. Effect on Government agencies.
“Sec. 1020. Compliance date.

Use the shortcuts at left to jump to a specific section.

Printable version

H. R. 1767

    To amend the Consumer Credit Protection Act to assure meaningful disclosures of the terms of rental-purchase agreements, including disclosures of all costs to consumers under such agreements, to provide certain substantive rights to consumers under such agreements, and for other purposes.


 

IN THE HOUSE OF REPRESENTATIVES 

March 29, 2007

    Mr. Clay (for himself, Mr. Jones of North Carolina, Mrs. Emerson, Mr. Meeks of New York, and Mr. Ross) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

 

    To amend the Consumer Credit Protection Act to assure meaningful disclosures of the terms of rental-purchase agreements, including disclosures of all costs to consumers under such agreements, to provide certain substantive rights to consumers under such agreements, and for other purposes.

 

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

    SECTION 1. SHORT TITLE.

 

This Act may be cited as the “Consumer Rental Purchase Agreement Act” .

 

    SEC. 2. FINDINGS AND DECLARATION OF PURPOSE.

 

(a) Findings.—The Congress finds as follows:

    (1) The rental-purchase industry provides a service that meets and satisfies the demands of many consumers.

    (2) Each year, approximately 2,300,000 United States households enter into rental-purchase transactions and over a 5-year period approximately 4,900,000 United States households will do so.

    (3) Competition among the various firms engaged in the extension of rental-purchase transactions would be strengthened by informed use of rental-purchase transactions.

    (4) The informed use of rental-purchase transactions results from an awareness of the cost thereof by consumers.

 

(b) Purpose.—The purpose of this title is to assure the availability of rental-purchase transactions and to assure simple, meaningful, and consistent disclosure of rental-purchase terms so that consumers will be able to more readily compare the available rental-purchase terms and avoid uninformed use of rental-purchase transactions, and to protect consumers against unfair rental-purchase practices.

    SEC. 3. RENTAL-PURCHASE TRANSACTIONS COVERED UNDER THE CONSUMER CREDIT PROTECTION ACT.

 

The Consumer Credit Protection Act is amended by adding at the end the following new title:

 

 

 

“TITLE X—RENTAL-PURCHASE TRANSACTIONS

 

 

“For purposes of this title, the following definitions shall apply:

 

    “(1) Advertisement.—The term ‘advertisement’ means a commercial message in any medium that promotes, directly or indirectly, a rental-purchase agreement but does not include price tags, window signs, or other in-store merchandising aids.

    “(2) Agricultural purpose.—The term ‘agricultural purpose’ includes—

      “(A) the production, harvest, exhibition, marketing, transformation, processing, or manufacture of agricultural products by a natural person who cultivates plants or propagates or nurtures agricultural products; and

      “(B) the acquisition of farmlands, real property with a farm residence, or personal property and services used primarily in farming.

     

    “(3) Board.—The term ‘Board’ means the Board of Governors of the Federal Reserve System.

    “(4) Cash price.—The term ‘cash price’ means the price at which a merchant, in the ordinary course of business, offers to sell for cash the property that is the subject of the rental-purchase transaction.

    “(5) Consumer.—The term ‘consumer’ means a natural person who is offered or enters into a rental-purchase agreement.

    “(6) Date of consummation.—The term ‘date of consummation’ means the date on which a consumer becomes contractually obligated under a rental-purchase agreement.

    “(7) Initial payment.—The term ‘initial payment’ means the amount to be paid before or at the consummation of the agreement or the delivery of the property if delivery occurs after consummation, including the rental payment; service, processing, or administrative charges; delivery fee; refundable security deposit; taxes; mandatory fees or charges; and any optional fees or charges agreed to by the consumer.

    “(8) Merchant.—The term ‘merchant’ means a person who provides the use of property through a rental-purchase agreement in the ordinary course of business and to whom a consumer’s initial payment under the agreement is payable.

    “(9) Payment schedule.—The term ‘payment schedule’ means the amount and timing of the periodic payments and the total number of all periodic payments that the consumer will make if the consumer acquires ownership of the property by making all periodic payments.

    “(10) Periodic payment.—The term ‘periodic payment’ means the total payment a consumer will make for a specific rental period after the initial payment, including the rental payment, taxes, mandatory fees or charges, and any optional fees or charges agreed to by the consumer.

    “(11) Property.—The term ‘property’ means property that is not real property under the laws of the State where the property is located when it is made available under a rental-purchase agreement.

    “(12) Rental payment.—The term ‘rental payment’ means rent required to be paid by a consumer for the possession and use of property for a specific rental period, but does not include taxes or any fees or charges.

    “(13) Rental period.—The term ‘rental period’ means a week, month, or other specific period of time, during which the consumer has a right to possess and use property that is the subject of a rental-purchase agreement after paying the rental payment and any applicable taxes for such period.

    “(14) Rental-purchase agreement.—

      “(A) In general.—The term ‘rental-purchase agreement’ means a contract in the form of a bailment or lease for the use of property by a consumer for an initial period of 4 months or less, that is renewable with each payment by the consumer, and that permits but does not obligate the consumer to become the owner of the property.

      “(B) Exclusions.—The term ‘rental-purchase agreement’ does not include—

        “(i) a credit sale (as defined in section 103(g) of the Truth in Lending Act);

        “(ii) a consumer lease (as defined in section 181(1) of such Act); or

        “(iii) a transaction giving rise to a debt incurred in connection with the business of lending money or a thing of value.

       

     

    “(15) Rental-purchase cost.—

      “(A) In general.—For purposes of sections 1010 and 1011, the term ‘rental-purchase cost’ means the sum of all rental payments and mandatory fees or charges imposed by the merchant as a condition of entering into a rental-purchase agreement or acquiring ownership of property under a rental-purchase agreement, such as the following:

        “(i) Service, processing, or administrative charge.

        “(ii) Fee for an investigation or credit report.

        “(iii) Charge for delivery required by the merchant.

       

      “(B) Excluded items.—The following fees or charges shall not be taken into account in determining the rental-purchase cost with respect to a rental-purchase transaction:

        “(i) Fees and charges prescribed by law, which actually are or will be paid to public officials or government entities, such as sales tax.

        “(ii) Fees and charges for optional products and services offered in connection with a rental-purchase agreement.

       

     

    “(16) State.—The term ‘State’ means any State of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands.

    “(17) Total cost.—The term ‘total cost’ means the sum of the initial payment and all periodic payments in the payment schedule to be paid by the consumer to acquire ownership of the property that is the subject of the rental-purchase agreement.

 

“This title shall not apply to rental-purchase agreements primarily for business, commercial, or agricultural purposes, or those made with Government agencies or instrumentalities.

 

“(a) Recipient of disclosure.—A merchant shall disclose to any person who will be a signatory to a rental-purchase agreement the information required by sections 1004 and 1005.

“(b) Timing of disclosure.—The disclosures required under sections 1004 and 1005 shall be made before the consummation of the rental-purchase agreement and clearly and conspicuously in writing as part of the rental-purchase agreement to be signed by the consumer.

“(c) Clearly and conspicuously.—As used in this section, the term ‘clearly and conspicuously’ means that information required to be disclosed to the consumer shall be worded plainly and simply, and appear in a type size, prominence, and location as to be readily noticeable, readable, and comprehensible to an ordinary consumer.

“(a) In general.—For each rental-purchase agreement, the merchant shall disclose to the consumer the following, to the extent applicable:

    “(1) The date of the consummation of the rental-purchase transaction and the identities of the merchant and the consumer.

    “(2) A brief description of the rental property, which shall be sufficient to identify the property to the consumer, including an identification or serial number, if applicable, and a statement indicating whether the property is new or used.

    “(3) A description of any fee, charge or penalty, in addition to the periodic payment, that the consumer may be required to pay under the agreement, which shall be separately identified by type and amount.

    “(4) A clear and conspicuous statement that the transaction is a rental-purchase agreement and that the consumer will not obtain ownership of the property until the consumer has paid the total dollar amount necessary to acquire ownership.

    “(5) The amount of any initial payment, which includes the first periodic payment, and the total amount of any fees, taxes, or other charges, required to be paid by the consumer.

    “(6) The amount of the cash price of the property that is the subject of the rental-purchase agreement, and, if the agreement involves the rental of 2 or more items as a set (as may be defined by the Board in regulation) a statement of the aggregate cash price of all items shall satisfy this requirement.

    “(7) The amount and timing of periodic payments, and the total number of periodic payments necessary to acquire ownership of the property under the rental-purchase agreement.

    “(8) The total cost, using that term, and a brief description, such as ‘This is the amount you will pay the merchant if you make all periodic payments to acquire ownership of the property.’.

    “(9) A statement of the consumer’s right to terminate the agreement without paying any fee or charge not previously due under the agreement by voluntarily surrendering or returning the property in good repair upon expiration of any lease term.

    “(10) Substantially the following statement: ‘OTHER IMPORTANT TERMS: See your rental-purchase agreement for additional important information on early termination procedures, purchase option rights, responsibilities for loss, damage or destruction of the property, warranties, maintenance responsibilities, and other charges or penalties you may incur.’.

 

“(b) Form of disclosure.—The disclosures required by paragraphs (4) through (10) of subsection (a) shall be segregated from other information at the beginning of the rental-purchase agreement and shall contain only directly related information, and shall be identified in boldface, upper-case letters as follows: ‘IMPORTANT RENTAL-PURCHASE DISCLOSURES’.

“(c) Disclosure requirements relating to insurance premiums and liability waivers.—

    “(1) In general.—A merchant shall clearly and conspicuously disclose in writing to the consumer before the consummation of a rental-purchase agreement that the purchase of leased property insurance or liability waiver coverage is not required as a condition for entering into the rental-purchase agreement.

    “(2) Affirmative written request after cost disclosure.—A merchant may provide insurance or liability waiver coverage, directly or indirectly, in connection with a rental-purchase transaction only if—

      “(A) the merchant clearly and conspicuously discloses to the consumer the cost of each component of such coverage before the consummation of the rental-purchase agreement; and

      “(B) the consumer signs an affirmative written request for such coverage after receiving the disclosures required under subparagraph (A) of this paragraph and paragraph (1).

     

 

“(d) Accuracy of disclosure.—

    “(1) In general.—The disclosures required to be made under subsection (a) shall be accurate as of the date the disclosures are made, based on the information available to the merchant.

    “(2) Information subsequently rendered inaccurate.—If information required to be disclosed under subsection (a) is subsequently rendered inaccurate as a result of any agreement between the merchant and the consumer subsequent to the delivery of the required disclosures, the resulting inaccuracy shall not constitute a violation of this title.

 

“(a) In general.—Each rental-purchase agreement shall—

    “(1) provide a statement specifying whether the merchant or the consumer is responsible for loss, theft, damage, or destruction of the property;

    “(2) provide a statement specifying whether the merchant or the consumer is responsible for maintaining or servicing the property, together with a brief description of the responsibility;

    “(3) provide that the consumer may terminate the agreement without paying any charges not previously due under the agreement by voluntarily surrendering or returning the property that is the subject of the agreement upon expiration of any rental period;

    “(4) contain a provision for reinstatement of the agreement, which at a minimum—

      “(A) permits a consumer who fails to make a timely rental payment to reinstate the agreement, without losing any rights or options which exist under the agreement, by the payment of all past due rental payments and any other charges then due under the agreement and a payment for the next rental period within 7 business days after failing to make a timely rental payment if the consumer pays monthly, or within 3 business days after failing to make a timely rental payment if the consumer pays more frequently than monthly;

      “(B) if the consumer returns or voluntarily surrenders the property covered by the agreement, other than through judicial process, during the applicable reinstatement period set forth in subparagraph (A), permits the consumer to reinstate the agreement during a period of at least 60 days after the date of the return or surrender of the property by the payment of all amounts previously due under the agreement, any applicable fees, and a payment for the next rental period;

      “(C) if the consumer has paid 50 percent or more of the total cost necessary to acquire ownership and returns or voluntarily surrenders the property, other than through judicial process, during the applicable reinstatement period set forth in subparagraph (A), permits the consumer to reinstate the agreement during a period of at least 120 days after the date of the return of the property by the payment of all amounts previously due under the agreement, any applicable fees, and a payment for the next rental period; and

      “(D) permits the consumer, upon reinstatement of the agreement to receive the same property, if available, that was the subject of the rental-purchase agreement, or if the same property is not available, a substitute item of comparable quality and condition may be provided to the consumer; except that, the Board may, by regulation or order, exempt any independent small business (as defined by the Board by regulation) from the requirement of providing the same or comparable product during the extended reinstatement period provided in subparagraph (C), if the Board determines, taking into account such standards as the Board determines to be appropriate, that the reinstatement right provided in such subparagraph would provide excessive hardship for such independent small business;

     

    “(5) provide a statement specifying the terms under which the consumer shall acquire ownership of the property that is the subject of the rental-purchase agreement either by payment of the total cost to acquire ownership, as provided in section 1006, or by exercise of any early purchase option provided in the rental-purchase agreement;

    “(6) provide a statement disclosing that if any part of a manufacturer’s express warranty covers the property at the time the consumer acquires ownership of the property, the warranty will be transferred to the consumer if allowed by the terms of the warranty; and

    “(7) provide, to the extent applicable, a description of any grace period for making any periodic payment, the amount of any security deposit, if any, to be paid by the consumer upon initiation of the rental-purchase agreement, and the terms for refund of such security deposit to the consumer upon return, surrender or purchase of the property.

 

“(b) Repossession during reinstatement period.—Subsection (a)(4) shall not be construed so as to prevent a merchant from attempting to repossess property during the reinstatement period pursuant to subsection (a)(4)(A), but such a repossession does not affect the consumer’s right to reinstate.

“(a) In general.—The consumer shall acquire ownership of the property that is the subject of the rental-purchase agreement, and the rental-purchase agreement shall terminate, upon compliance by the consumer with the requirements of subsection (b) or any early payment option provided in the rental purchase agreement, and upon payment of any past due payments and fees, as permitted in regulation by the Board.

“(b) Payment of total cost.—The consumer shall acquire ownership of the rental property upon payment of the total cost of the rental-purchase agreement, as such term is defined in section 1001(17), and as disclosed to the consumer in the rental-purchase agreement pursuant to section 1004(a).

“(c) Additional fees prohibited.—A merchant shall not require the consumer to pay, as a condition for acquiring ownership of the property that is the subject of the rental-purchase agreement, any fee or charge in addition to, or in excess of, the regular periodic payments required by subsection (b), or any early purchase option amount provided in the rental-purchase agreement, as applicable. A requirement that the consumer pay an unpaid late charge or other fee or charge which the merchant has previously billed to the consumer shall not constitute an additional fee or charge for purposes of this subsection.

“(d) Transfer of ownership rights.—Upon payment by the consumer of all payments necessary to acquire ownership under subsection (b) or any early purchase option amount provided in the rental-purchase agreement, as appropriate, the merchant shall—

    “(1) deliver, or mail to the consumer’s last known address, such documents or other instruments, which the Board has determined by regulation, are necessary to acknowledge full ownership by the consumer of the property acquired pursuant to the rental-purchase agreement; and

    “(2) transfer to the consumer the unexpired portion of any warranties provided by the manufacturer, distributor, or seller of the property, which shall apply as if the consumer were the original purchaser of the property, except where such transfer is prohibited by the terms of the warranty.

 

 

“A rental-purchase agreement may not contain—

 

    “(1) a confession of judgment;

    “(2) a negotiable instrument;

    “(3) a security interest or any other claim of a property interest in any goods, except those goods the use of which is provided by the merchant pursuant to the agreement;

    “(4) a wage assignment;

    “(5) a provision requiring the waiver of any legal claim or remedy created by this title or other provision of Federal or State law;

    “(6) a provision requiring the consumer, in the event the property subject to the rental-purchase agreement is lost, stolen, damaged, or destroyed, to pay an amount in excess of the least of—

      “(A) the fair market value of the property, as determined by the Board in regulation;

      “(B) any early purchase option amount provided in the rental-purchase agreement; or

      “(C) the actual cost of repair, as appropriate;

     

    “(7) a provision authorizing the merchant, or a person acting on behalf of the merchant, to enter the consumer’s dwelling or other premises without obtaining the consumer’s consent or to commit any breach of the peace in connection with the repossession of the rental property or the collection of any obligation or alleged obligation of the consumer arising out of the rental-purchase agreement;

    “(8) a provision requiring the purchase of insurance or liability damage waiver to cover the property that is the subject of the rental-purchase agreement, except as permitted by the Board in regulation;

    “(9) a provision requiring the consumer to pay more than 1 late fee or charge for an unpaid or delinquent periodic payment, regardless of the period in which the payment remains unpaid or delinquent, or to pay a late fee or charge for any periodic payment because a previously assessed late fee has not been paid in full.

 

“Upon request of a consumer, a merchant shall provide a statement of the consumer’s account. If a consumer requests a statement for an individual account more than 4 times in any 12-month period, the merchant may charge a reasonable fee for the additional statements.

 

“(a) Renegotiations.—A renegotiation occurs when a rental-purchase agreement is satisfied and replaced by a new agreement undertaken by the same consumer. A renegotiation requires new disclosures, except as provided in subsection (c).

“(b) Extensions.—An extension is an agreement by the consumer and the merchant, to continue an existing rental-purchase agreement beyond the original end of the payment schedule, but does not include a continuation that is the result of a renegotiation.

“(c) Exceptions.—New disclosures are not required for the following, even if they meet the definition of a renegotiation or an extension:

    “(1) A reduction in payments.

    “(2) A deferment of 1 or more payments.

    “(3) The extension of a rental-purchase agreement.

    “(4) The substitution of property with property that has a substantially equivalent or greater economic value provided the rental-purchase cost does not increase.

    “(5) The deletion of property in a multiple-item agreement.

    “(6) A change in rental period provided the rental-purchase cost does not increase.

    “(7) An agreement resulting from a court proceeding.

    “(8) Any other event described in regulations prescribed by the Board.

 

“(a) In general.—For any item of property or set of items displayed or offered for rental-purchase, the merchant shall display on or next to the item or set of items a card, tag, or label that clearly and conspicuously discloses the following:

    “(1) A brief description of the property.

    “(2) Whether the property is new or used.

    “(3) The cash price of the property.

    “(4) The amount of each rental payment.

    “(5) The total number of rental payments necessary to acquire ownership of the property.

    “(6) The rental-purchase cost.

 

“(b) Form of disclosure.—

    “(1) In general.—A merchant may make the disclosure required by subsection (a) in the form of a list or catalog which is readily available to the consumer at the point of rental if the merchandise is not displayed in the merchant’s showroom or if displaying a card, tag, or label would be impractical due to the size of the merchandise.

    “(2) Clearly and conspicuously.—As used in this section, the term ‘clearly and conspicuously’ means that information required to be disclosed to the consumer shall appear in a type size, prominence, and location as to be noticeable, readable, and comprehensible to an ordinary consumer.

 

“(a) In general.—If an advertisement for a rental-purchase transaction refers to or states the amount of any payment for any specific item or set of items, the merchant making the advertisement shall also clearly and conspicuously state in the advertisement the following for the item, or set of items, advertised:

    “(1) The transaction advertised is a rental-purchase agreement.

    “(2) The amount, timing, and total number of rental payments necessary to acquire ownership under the rental-purchase agreement.

    “(3) The amount of the rental-purchase cost.

    “(4) To acquire ownership of the property the consumer must pay the rental-purchase cost plus applicable taxes.

    “(5) Whether the stated payment amount and advertised rental-purchase cost is for new or used property.

 

“(b) Prohibition.—An advertisement for a rental-purchase agreement shall not state or imply that a specific item, or set of items, is available at specific amounts or terms unless the merchant usually and customarily offers, or will offer, the item or set of items at the stated amounts or terms.

“(c) Clearly and conspicuously.—

    “(1) In general.—For purposes of this section, the term ‘clearly and conspicuously’ means that required disclosures shall be presented in a type, size, shade, contrast, prominence, location, and manner, as applicable to different mediums for advertising, so as to be readily noticeable and comprehensible to the ordinary consumer.

    “(2) Regulatory guidance.—The Board shall prescribe regulations on principles and factors to meet the clear and conspicuous standard as appropriate to print, video, audio, and computerized advertising, reflecting the principles and factors typically applied in each medium by the Federal Trade Commission.

    “(3) Limitation.—Nothing contrary to, inconsistent with, or in mitigation of, the required disclosures shall be used in any advertisement in any medium, and no audio, video, or print technique shall be used that is likely to obscure or detract significantly from the communication of the disclosures.

 

“(a) In general.—Except as otherwise provided in section 1013, any merchant who fails to comply with any requirement of this title with respect to any consumer is liable to such consumer as provided for leases in section 130. For purposes of this section, the term ‘creditor’ as used in section 130 shall include a ‘merchant’, as defined in section 1001.

“(b) Jurisdiction of courts; limitation on actions.—

    “(1) In general.—Notwithstanding section 130(e), any action under this section may be brought in any United States district court, or in any other court of competent jurisdiction, before the end of the 1-year period beginning on the date the last payment was made by the consumer under the rental-purchase agreement.

    “(2) Recoupment or set-off.—This subsection shall not bar a consumer from asserting a violation of this title in an action to collect an obligation arising from a rental-purchase agreement, which was brought after the end of the 1-year period described in paragraph (1) as a matter of defense by recoupment or set-off in such action, except as otherwise provided by State law.

 

“(a) Individual cases with actual damages.—Any merchant who fails to comply with any requirements imposed under section 1010 or 1011 with respect to any consumer who suffers actual damage from the violation shall be liable to such consumer as provided in section 130.

“(b) Pattern or practice of violations.—If a merchant engages in a pattern or practice of violating any requirement imposed under section 1010 or 1011, the Federal Trade Commission or an appropriate State attorney general, in accordance with section 1016, may initiate an action to enforce sanctions against the merchant, including—

    “(1) an order to cease and desist from such practices; and

    “(2) a civil money penalty of such amount as the court may impose, based on such factors as the court may determine to be appropriate.

 

“(a) Assignees included.—For purposes of section 1013, and this section, the term ‘merchant’ includes an assignee of a merchant.

“(b) Liabilities of assignees.—

    “(1) Apparent violation.—An action under section 1012 or 1013 for a violation of this title may be brought against an assignee only if the violation is apparent on the face of the rental-purchase agreement to which it relates.

    “(2) Apparent violation defined.—For purposes of this subsection, a violation that is apparent on the face of a rental-purchase agreement includes, but is not limited to, a disclosure that can be determined to be incomplete or inaccurate from the face of the agreement.

    “(3) Involuntary assignment.—An assignee has no liability in a case in which the assignment is involuntary.

    “(4) Rule of construction.—No provision of this section shall be construed as limiting or altering the liability under section 1012 or 1013 of a merchant assigning a rental-purchase agreement.

 

“(c) Proof of disclosure.—In an action by or against an assignee, the consumer’s written acknowledgment of receipt of a disclosure, made as part of the rental-purchase agreement, shall be conclusive proof that the disclosure was made, if the assignee had no knowledge that the disclosure had not been made when the assignee acquired the rental-purchase agreement to which it relates.

“(a) In general.—The Board shall prescribe regulations as necessary to carry out the purposes of this title, to prevent its circumvention, and to facilitate compliance with its requirements.

“(b) Model disclosure forms.—The Board may publish model disclosure forms and clauses for common rental-purchase agreements to facilitate compliance with the disclosure requirements of this title and to aid the consumer in understanding the transaction by utilizing readily understandable language to simplify the technical nature of the disclosures. In devising such forms, the Board shall consider the use by merchants of data processing or similar automated equipment. Nothing in this title may be construed to require a merchant to use any such model form or clause prescribed by the Board under this section. A merchant shall be deemed to be in compliance with the requirement to provide disclosure under section 1003(a) if the merchant—

    “(1) uses any appropriate model form or clause as published by the Board; or

    “(2) uses any such model form or clause and changes it by—

      “(A) deleting any information which is not required by this title; or

      “(B) rearranging the format, if in making such deletion or rearranging the format, the merchant does not affect the substance, clarity, or meaningful sequence of the disclosure.

     

 

“(c) Effective date of regulations.—Any regulation prescribed by the Board, or any amendment or interpretation thereof, shall not be effective before the October 1 that follows the date of publication of the regulation in final form by at least 6 months. The Board may at its discretion lengthen that period of time to permit merchants to adjust to accommodate new requirements. The Board may also shorten that period of time, notwithstanding the first sentence, if it makes a specific finding that such action is necessary to comply with the findings of a court or to prevent unfair or deceptive practices. In any case, merchants may comply with any newly prescribed disclosure requirement prior to its effective date.

“(a) Federal enforcement.—Compliance with the requirements imposed under this title shall be enforced under the Federal Trade Commission Act (15 U.S.C. 41 et seq.), and a violation of any requirements imposed under this title shall be deemed a violation of a requirement imposed under that Act. All of the functions and powers of the Federal Trade Commission under the Federal Trade Commission Act are available to the Commission to enforce compliance by any person with the requirements of this title, irrespective of whether that person is engaged in commerce or meets any other jurisdictional test in the Federal Trade Commission Act.

“(b) State enforcement.—

    “(1) In general.—An action to enforce the requirements imposed by this title may also be brought by the appropriate State attorney general in any appropriate United States district court, or any other court of competent jurisdiction.

    “(2) Prior written notice.—

      “(A) In general.—The State attorney general shall provide prior written notice of any such civil action to the Federal Trade Commission and shall provide the Commission with a copy of the complaint.

      “(B) Emergency action.—If prior notice is not feasible, the State attorney general shall provide notice to the Commission immediately upon instituting the action.

     

    “(3) FTC intervention.—The Commission may—

      “(A) intervene in the action;

      “(B) upon intervening—

        “(i) remove the action to the appropriate United States district court, if it was not originally brought there; and

        “(ii) be heard on all matters arising in the action; and

       

      “(C) file a petition for appeal.

     

 

 

“Whoever willfully and knowingly gives false or inaccurate information or fails to provide information which he is required to disclose under the provisions of this title or any regulation issued thereunder shall be subject to the penalty provisions as provided in section 112.

 

“(a) Relation to State law.—

    “(1) No effect on consistent State laws.—Except as otherwise provided in subsection (b), this title does not annul, alter, or affect in any manner the meaning, scope or applicability of the laws of any State relating to rental-purchase agreements, except to the extent those laws are inconsistent with any provision of this title, and then only to the extent of the inconsistency.

    “(2) Determination of inconsistency.—Upon its own motion or upon the request of an interested party, which is submitted in accordance with procedures prescribed in regulations of the Board, the Board shall determine whether any such inconsistency exists. If the Board determines that a term or provision of a State law is inconsistent, merchants located in that State need not follow such term or provision and shall incur no liability under the law of that State for failure to follow such term or provision, notwithstanding that such determination is subsequently amended, rescinded, or determined by judicial or other authority to be invalid for any reason.

    “(3) Greater protection under State law.—Except as provided in subsection (b), for purposes of this section, a term or provision of a State law is not inconsistent with the provisions of this title if the term or provision affords greater protection and benefit to the consumer than the protection and benefit provided under this title as determined by the Board, on its own motion or upon the petition of any interested party.

 

“(b) State laws relating to characterization of transaction.—Notwithstanding the provisions of subsection (a), this title shall supersede any 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.

 

“(c) Relation to Federal Trade Commission Act.—No provision of this title shall be construed as limiting, superseding, or otherwise affecting the applicability of the Federal Trade Commission Act to any merchant or rental-purchase transaction.

 

“No civil liability or criminal penalty under this title may be imposed on the United States or any of its departments or agencies, any State or political subdivision, or any agency of a State or political subdivision.

 

 

“Compliance with this title shall not be required until 6 months after the date of the enactment of the ‘Consumer Rental Purchase Agreement Act’. In any case, merchants may comply with this title at any time after such date of enactment.”.

 

 

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.

Tell us what you think
Rate the article at the top of this page