For
the first time, Wisconsin will have comprehensive
legislation governing rental purchase transactions.
Late Thursday, the Wisconsin
Assembly voted 55 to 37 in favor of SB268, the Wisconsin
Rental Purchase Agreement Act. The Act, passed by the senate
on March 2nd, recognizes rental purchase agreements as a lease,
rather than a credit sale. The bill also protects consumers by strictly defining disclosure
requirements.
The bill now goes to Governor Jim Doyle's desk for his
signature.
Passage of the Act will give
Wisconsin rental companies and consumers the same rights enjoyed
in 46 other states.
Jeff Lebakken, who has worked toward this moment for 19 years,
said he felt a "wave of relief" when the vote totals were
reported in the Assembly. Lebakken, owner of Wisconsin
based Lebakkens Rent to Own, and Rent-A-Center General Counsel
Chris Korst, both key players in the process, were on hand with
other supporters for the vote.
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