3.0.0 5928 2023-01-11T13:33:18Z 2023-01-11T13:33:18Z House HR 2016-07-25 114 [Congressional Record Volume 162, Number 120 (Monday, July 25, 2016)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. DELANEY:H.R. 5928.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8[Page H5039]]]> hsba00 Financial Services Committee House Standing Referred to 2016-07-25T16:30:08Z 2016-07-25 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2016-07-25 Introduced in House IntroReferral Intro-H 9 Library of Congress 2016-07-25 Introduced in House IntroReferral 1000 9 Library of Congress D000620 Rep. Delaney, John K. [D-MD-6] John Delaney D MD K. 6 N C001083 Rep. Carney, John C., Jr. [D-DE-At Large] John Carney D DE C. 0 2016-07-25 True E000288 Rep. Ellison, Keith [D-MN-5] Keith Ellison D MN 5 2016-11-15 False Finance and Financial Sector Administrative law and regulatory procedures Consumer Financial Protection Bureau Consumer credit Contracts and agency Lease and rental services Finance and Financial Sector 00 2016-07-25 Introduced in House 2017-01-27T22:01:59Z Expanding Rent-to-Own Protections Act of 2016

This bill amends the Consumer Financial Protection Act of 2010 to revise and expand the definition of the term "consumer financial product or service" to include terminable lease or bailment of personal property contracts (rent-to-own transactions) (other than a lease or bailment of a motor vehicle) for use by the consumer primarily for personal, family, or household purposes under which:

  • a consumer has the right of possession and use of the property, as well as the option to periodically renew the contract by making payments; and
  • a seller agrees to transfer property ownership to the consumer upon the fulfillment of all contract obligations of the consumer.

The Consumer Financial Protection Bureau shall:

  • prevent unfair, deceptive, or abusive acts or practices in connection with such contracts; and
  • issue regulations identifying methods to protect consumers from entering into them.
]]> Expanding Rent-to-Own Protections Act of 2016 Display Title Expanding Rent-to-Own Protections Act of 2016 Short Titles as Introduced Expanding Rent-to-Own Protections Act of 2016 Official Title as Introduced To amend the Consumer Financial Protection Act of 2010 to establish requirements relating to rent-to-own transactions, and for other purposes. Introduced in House 2016-07-25T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr5928ih/xml/BILLS-114hr5928ih.xml 2016-07-25 Referred to the House Committee on Financial Services. 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.