HR 2498
107th Congress
House
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
Rent-To-Own Reform Act of 2001
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 31, 2001
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Jul 12, 2001
Referred to the House Committee on Financial Services.
Jul 12, 2001
Introduced in House
Plain-English summary
Rent-To-Own Reform Act of 2001 - Amends the Consumer Credit Protection Act to prohibit seller-imposed interest, finance charges, or other fees in a rent-to-own transaction that exceed maximum interest, fees, or finance charges that may be charged for a credit sale or retail installment sale for the same or similar item under the laws of the seller's State.
Prescribes guidelines for authorized seller termination charges.
Grants a rent-to-own transaction: (1) the same warranty and guaranty protections as apply to a consumer credit sale or retail installment sale; and (2) specified statutory protections under the Truth in Lending Act, the Equal Credit Opportunity Act, the Fair Debt Collection Practices Act, and the Fair Credit Reporting Act..
Mandates specified seller disclosures on goods in a rent-to-own transaction, including payment terms. Prohibits specified seller practices. Grants the Federal Trade Commission enforcement powers.
Subjects a seller to civil liability to the consumer for violations of this Act.
What's happening now
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Committees of jurisdiction
2
Cosponsors
1