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S. 1012 110th Congress Senate

Consumer Rental-Purchase Agreement Act of 2007

Official title: A bill to amend the Consumer Credit Protection Act to assure meaningful disclosures of the terms of rental-purchase agreements, including disclosures of all co… Show full official titleShow less

Official title: A bill to amend the Consumer Credit Protection Act to assure meaningful disclosures of the terms of rental-purchase agreements, including disclosures of all costs to consumers under such agreements, to provide certain substantive rights to consumers under such agreements, and for other purposes.

Introduced: April 23, 2007 See on congress.gov
Commerce Administrative procedureAdvertisingBusiness recordsCivil actions and liability
More subjectsShow fewer subjects
Consumer creditConsumer educationConsumer protectionContractsCrime and Law EnforcementCriminal liabilityDamagesDeceptive advertisingDistrict courtsEvidence (Law)Federal Reserve SystemFederal Trade CommissionFederal preemptionFeesFinance and Financial SectorFinancial statementsFines (Penalties)FraudGarnishmentGovernment Operations and PoliticsGovernment liabilityGovernment paperworkIndependent regulatory commissionsInjunctionsInsurance premiumsLabelingLabor and EmploymentLawLease and rental servicesLeasesLiability (Law)Liability insuranceLimitation of actionsMaintenance and repairNegotiable instrumentsParties to actionsPricesProperty insuranceRentRestrictive trade practicesSmall businessState lawsSurety and fidelityTaxationWarranties
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This bill died when the 110th Congress ended
It never became law before the 110th Congress (2007–2008) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 28, 2007
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Mar 28, 2007
Introduced in Senate
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 Latest action March 28, 2007

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Plain-English summary Congressional Research Service

Consumer Rental-Purchase Agreement Act of 2007 - Amends the Consumer Credit Protection Act to prescribe consumer protection 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; (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.

Grants enforcement powers to the Federal Trade Commission and to state attorneys general.

Subjects to criminal penalties any willful and knowing violation of the information disclosure requirements of this Act.

 Related & companion bills 1
  • HR 1767 Consumer Rental Purchase Agreement Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 4
All 4 Democratic 1 Republican 1
D
Cantwell, Maria
Washington · Sep 11, 2007
Isakson, Johnny
· Apr 23, 2007
 R
Thune, John
South Dakota · Mar 28, 2007
Vitter, David
· Mar 28, 2007
Cite this page click to expand
APA
U.S. Congress. (2026). S. 1012: Consumer Rental-Purchase Agreement Act of 2007. 110th Congress. Open America. https://openamerica.io/bill/110-S-1012/
MLA
"S. 1012: Consumer Rental-Purchase Agreement Act of 2007." 110th Congress, 2026, Open America, https://openamerica.io/bill/110-S-1012/.
Bluebook (legal)
S. 1012, 110th Cong. (2026), https://openamerica.io/bill/110-S-1012/.
Markdown link
[S. 1012: Consumer Rental-Purchase Agreement Act of 2007](https://openamerica.io/bill/110-S-1012/)
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