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Consumer Disclosure and Rental Purchase Agreement Act

Introduced: June 24, 1997 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 14, 1997
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Jun 24, 1997
Referred to the House Committee on Banking and Financial Services.
Jun 24, 1997
Introduced in House
 Plain-English summary Congressional Research Service

Consumer Disclosure and Rental Purchase Agreement Act - Amends the Consumer Credit Protection Act to create a new title on rental purchase agreements. Declares that the title does not apply to rental-purchase agreements primarily for business, commercial, or agricultural purposes or made with Government instrumentalities.

Regulates: (1) the content and manner of disclosures by merchants in rental-purchase agreements; and (2) the contents of rental-purchase agreements. Prohibits a rental-purchase agreement from containing specified inclusions. Sets forth provisions for: (1) receipts and accounts of rental payments; (2) renegotiations and extensions of rental-purchase agreements; and (3) the content of rental-purchase advertising. Imposes individual and class action civil liability for violations. Establishes merchant defenses and provides for the liability of merchant assignees. Mandates model disclosure forms and clauses. Preempts inconsistent State laws providing lesser consumer protection.

What's happening now July 14, 1997

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

 Committees of jurisdiction 2
 Cosponsors 2
All 2 Republican 2