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S. 881 112th Congress Senate

Consumer Rental-Purchase Agreement Act of 2011

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 substantive rights to consumers under such agreements, and for other purposes.

Introduced: December 1, 2011 See on congress.gov
Finance and Financial Sector Administrative law and regulatory proceduresBusiness recordsCivil actions and liabilityConsumer affairs
More subjectsShow fewer subjects
Consumer creditContracts and agencyEvidence and witnessesFederal Reserve SystemFederal Trade Commission (FTC)Federal preemptionFraud offenses and financial crimesSmall business
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This bill died when the 112th Congress ended
It never became law before the 112th Congress (2011–2012) 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
May 4, 2011
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
May 4, 2011
Introduced in Senate
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 Latest action May 4, 2011

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 2011- 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 1588 Consumer Rental Purchase Agreement Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 7
All 7 Republican 4
R
Moran, Jerry
Kansas · Jul 24, 2012
Isakson, Johnny
· Apr 19, 2012
Vitter, David
· Apr 18, 2012
 R
Thune, John
South Dakota · Mar 8, 2012
Burr, Richard
· Dec 1, 2011
 R
Boozman, John
Arkansas · May 23, 2011
 R
Wicker, Roger F.
Mississippi · May 4, 2011
Cite this page click to expand
APA
U.S. Congress. (2026). S. 881: Consumer Rental-Purchase Agreement Act of 2011. 112th Congress. Open America. https://openamerica.io/bill/112-S-881/
MLA
"S. 881: Consumer Rental-Purchase Agreement Act of 2011." 112th Congress, 2026, Open America, https://openamerica.io/bill/112-S-881/.
Bluebook (legal)
S. 881, 112th Cong. (2026), https://openamerica.io/bill/112-S-881/.
Markdown link
[S. 881: Consumer Rental-Purchase Agreement Act of 2011](https://openamerica.io/bill/112-S-881/)
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