S 884
108th Congress
Senate
Commerce
Administrative procedure
Advertising
Business records
Civil actions and liability
Consumer credit
Consumer education
Consumer protection
Contracts
Crime and Law Enforcement
Criminal liability
Damages
Deceptive advertising
District courts
Evidence (Law)
Federal Reserve System
Federal Trade Commission
Federal preemption
Fees
Finance and Financial Sector
Consumer Rental-Purchase Agreement Act of 2003
Introduced: April 10, 2003
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 10, 2003
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S5233-5237)
Apr 10, 2003
Introduced in Senate
Plain-English summary
Consumer Rental Purchase Agreement Act of 2003 - Amends the Consumer Credit Protection Act to prescribe guidelines for rental-purchase transactions, including: (1) the determination of rental-purchase cost; (2) disclosure requirements; (3) prohibitions against confessions of judgment, wage assignments, and waiver of consumer claims or defenses, and other specified types of provisions; (4) furnishing of statements of account; (5) point-of-rental disclosures; and (6) rental-purchase advertising disclosures.
Declares that an action for civil liability may be brought against a merchant's assignee only if the violation is apparent on the face of a rental-purchase agreement to which it relates, including, but not limited to, a disclosure that can be determined to be incomplete or inaccurate from the face of the agreement.
Authorizes the Board of Governors of the Federal Reserve System to promulgate implementing regulations.
Provides for Federal and State enforcement of this Act. Subjects to criminal penalties any willful and knowing violation of the information disclosure requirements of this Act.
What's happening now
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S5233-5237)
Committees of jurisdiction
1