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S 738 111th Congress Senate Finance and Financial Sector Administrative law and regulatory procedures Business records Civil actions and liability Consumer affairs Consumer credit Contracts and agency Evidence and witnesses Federal Reserve System Federal Trade Commission (FTC) Federal preemption Fraud offenses and financial crimes Small business

Consumer Rental-Purchase Agreement Act of 2009

Introduced: March 30, 2009 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 30, 2009
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Mar 30, 2009
Introduced in Senate
 Plain-English summary Congressional Research Service

Consumer Rental-Purchase Agreement Act of 2009 - 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.

What's happening now March 30, 2009

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

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Republican 2