3.0.0 1530 2023-01-11T17:02:47Z 2023-01-11T17:02:47Z Senate S S 2007-05-25 110 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2007-05-25T14:16:03Z 2007-05-25 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2007-05-25 Introduced in Senate IntroReferral 10000 9 Library of Congress S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. N Commerce Administrative procedure Civil Rights and Liberties, Minority Issues Civil actions and liability Collection of accounts Consumer credit Consumer education Consumer protection Contracts Credit insurance Crime and Law Enforcement Damages Deceptive advertising Discrimination in consumer credit Federal Reserve System Federal preemption Fees Finance and Financial Sector Finance charges Fraud Government Operations and Politics Government paperwork Insurance premiums Interest Interest rates Law Lease and rental services Legal fees Liability (Law) Restrictive trade practices Sales promotion State laws Trade regulation Warranties Commerce 00 2007-05-25 Introduced in Senate 2007-06-29T21:39:52Z Rent-To-Own Reform Act of 2007 - Amends the Consumer Credit Protection Act to prohibit a seller in a rent-to-own transaction from receiving or assessing any interest, finance charge, or other fee for the transaction that exceeds the interest, fees, or finance charges permissible under the laws of the state in which the seller is located which establish: (1) a maximum rate or amount of interest, finance charge, or time-price differential that may be charged in connection with a credit sale or retail installment sale for the same or a similar item; (2) the types of fees and the maximum amount of fees that a seller may so charge; or (3) the types of credit insurance and the maximum amount of premiums that can be charged for credit insurance in such a connection.

Permits certain additional termination charges and fees.

Cites federal laws which are applicable to a rent-to-own transaction.

Sets forth required disclosures, prohibitions, and enforcement, as well as civil liability for failure to properly disclose the terms of a rent-to-own transaction.

Declares this Act inapplicable to certain motor vehicles sales and leases otherwise subject to the Truth in Lending Act.

]]> Rent-To-Own Reform Act of 2007 Display Title Rent-To-Own Reform Act of 2007 Official Title as Introduced A bill to amend the Consumer Credit Protection Act, to protect consumers from inadequate disclosures and certain abusive practices in rent-to-own transactions, and for other purposes. Introduced in Senate IS Short Titles as Introduced Rent-To-Own Reform Act of 2007 Introduced in Senate 2007-05-25T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s1530is/xml/BILLS-110s1530is.xml 2007-05-25 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.