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HR 3136 103th Congress House Commerce Civil Rights and Liberties, Minority Issues Civil actions and liability Collection of accounts Consumer credit Consumer education Consumer protection Contracts Credit insurance Damages Debtor and creditor Deceptive advertising Discrimination in consumer credit Federal preemption Fees Finance and Financial Sector Finance charges Fines (Penalties) Fraud Government Operations and Politics

Rent-To-Own Reform Act of 1993

Introduced: September 27, 1993 See on congress.gov
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 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 18, 1993
Referred to the Subcommittee on Consumer Credit and Insurance.
Sep 28, 1993
Sponsor introductory remarks on measure. (CR H7142-7146)
Sep 27, 1993
Referred to the House Committee on Banking, Finance + Urban Affrs.
Sep 27, 1993
Introduced in House
 Plain-English summary Congressional Research Service

Rent-To-Own Reform Act of 1993 - Amends the Consumer Credit Protection Act to designate a new title X as the Rent-To-Own Protection Act to prohibit a seller in a rent-to-own transaction from taking, receiving, or assessing any interest, finance charge, or other fee for the transaction in excess of that which may be charged under State law which establishes in connection with a credit or retail installment sale for the same or a similar item: (1) a maximum rate or amount of interest, finance charge, or time-price differential that may be charged; (2) the types and maximum amount of fees that a seller may charge; or (3) the types of credit insurance and the maximum amount of premiums that can be charged for credit insurance.

Sets forth requirements regarding: (1) termination, recovery, and other fees; (2) the effect of termination; and (3) guarantees and warranties.

Makes the following Federal laws applicable to rent-to-own transactions: (1) the Truth in Lending Act; (2) the Equal Credit Opportunity Act; (3) the Fair Debt Collection Practices Act; and (4) the Fair Credit Reporting Act.

Requires a seller to include the following information on each item in the seller's place of business that is available for purchase pursuant to a rent-to-own transaction: (1) the cash price; (2) an itemization of services offered and the price of each service; (3) the annual percentage rate; (4) any applicable periodic payment and the number of payments; (5) the total number of payments required to acquire ownership; and (6) whether the item is new or used. Requires a seller to provide such information to a consumer in writing at the time the parties enter into the contract.

Prohibits a seller under a rent-to-own contract with a consumer from taking specified actions, such as using threats or coercion to collect amounts alleged due, or unreasonably disclosing information to third parties regarding amounts owed by the consumer.

Makes compliance with the requirements of this Act enforceable by the Federal Trade Commission. Deems a violation of this Act to be an unfair or deceptive act or practice in violation of the Federal Trade Commission Act.

Subjects sellers who violate the requirements of this Act to civil liability.

What's happening now October 18, 1993

Referred to the Subcommittee on Consumer Credit and Insurance.

 Committees of jurisdiction 2
 Cosponsors 2
All 2 Democratic 2