3.0.0 1208 2023-01-11T13:24:39Z 2023-01-11T13:24:39Z Senate S S 2013-06-20 113 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2013-06-20T21:25:06Z Consumer Rental Purchase Agreement Act 113 1551 HR 2013-04-15 Referred to the House Committee on Financial Services. Related bill CRS 2013-06-20 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2013-06-20 Introduced in Senate IntroReferral 10000 9 Library of Congress T000464 Sen. Tester, Jon [D-MT] Jon Tester D MT N M000934 Sen. Moran, Jerry [R-KS] Jerry Moran R KS 2013-06-20 True L000550 Sen. Landrieu, Mary L. [D-LA] MARY LANDRIEU D LA 2013-07-30 False B000575 Sen. Blunt, Roy [R-MO] Roy Blunt R MO 2013-09-10 False R000307 Sen. Roberts, Pat [R-KS] PAT ROBERTS R KS 2013-09-11 False I000055 Sen. Isakson, Johnny [R-GA] Johnny Isakson R GA 2013-11-05 False P000590 Sen. Pryor, Mark L. [D-AR] Mark Pryor D AR Lunsford 2013-11-05 False B000243 Sen. Baucus, Max [D-MT] MAX BAUCUS D MT SIEBEN 2013-11-13 False C000286 Sen. Chambliss, Saxby [R-GA] SAXBY CHAMBLISS R GA 2014-01-16 False W000437 Sen. Wicker, Roger F. [R-MS] Roger Wicker R MS F. 2014-02-12 False R000584 Sen. Risch, James E. [R-ID] James Risch R ID E. 2014-02-12 False R000146 Sen. Reid, Harry [D-NV] HARRY REID D NV M. 2014-02-24 False B001265 Sen. Begich, Mark [D-AK] Mark Begich D AK 2014-02-24 False S001181 Sen. Shaheen, Jeanne [D-NH] Jeanne Shaheen D NH 2014-05-12 False W000818 Sen. Walsh, John E. [D-MT] John Walsh D MT E. 2014-06-25 False Finance and Financial Sector Administrative law and regulatory procedures Business records Consumer affairs Consumer credit Contracts and agency Federal Trade Commission (FTC) Federal preemption Fraud offenses and financial crimes Lease and rental services Marketing and advertising Small business Finance and Financial Sector 00 2013-06-20 Introduced in Senate 2013-08-22T15:16:22Z Consumer Rental Purchase Agreement Act - Prescribes consumer protection guidelines for rental-purchase transactions, including: (1) the determination of rental-purchase cost and a payment schedule; (2) disclosure requirements; (3) prohibitions against confessions of judgment, wage assignments, waiver of consumer legal claims or remedies, and other specified provisions; (4) furnishing of statements of account; (5) point-of-rental disclosures; and (6) clear and conspicuous rental-purchase advertising disclosures.

Shields "rental-purchase agreements" from laws regulating: (1) a credit sale and a consumer lease as defined in the Truth in Lending Act, or (2) an extension of credit or a transaction giving rise to a debt incurred in connection with the purchase of a thing of value.

Exempts from jurisdiction of this Act rental-purchase agreements primarily for business, commercial, or agricultural purposes, or those made with government agencies or instrumentalities.

Declares that the consumer shall acquire ownership of a property that is the subject of the rental-purchase agreement, and the rental-purchase agreement shall terminate, upon the consumer's compliance with specified total cost payment requirements, or any early payment option provided in the rental purchase agreement, and upon payment of any past due payments and fees.

Grants enforcement powers to the Federal Trade Commission (FTC) and requires violations of this Act to be treated as unfair or deceptive acts or practices under the Federal Trade Commission Act.

Provides that a term or provision of state law is not inconsistent with this Act if it affords greater protection and benefit to the consumer than is provided under this Act as determined by the FTC, on its own motion or upon the petition of any interested party.

Declares this Act to supersede 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.

Shields from civil or criminal liability under this Act the United States and its agencies and any state, state agency, or state political subdivision.

]]> Consumer Rental Purchase Agreement Act Display Title Consumer Rental Purchase Agreement Act Official Title as Introduced A bill to require 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. Introduced in Senate IS Short Titles as Introduced Consumer Rental Purchase Agreement Act Introduced in Senate 2013-06-20T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113s1208is/xml/BILLS-113s1208is.xml 2013-06-20 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.