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.
Consumer Disclosure and Rental Purchase Agreement Act - Amends the Consumer Credit Protection Act to create a new title on rental purchase agreements. Declares that the title does not apply to rental-purchase agreements primarily for business, commercial, or agricultural purposes or made with Government instrumentalities.
Regulates: (1) the content and manner of disclosures by merchants in rental-purchase agreements; and (2) the contents of rental-purchase agreements. Prohibits a rental-purchase agreement from containing specified inclusions. Sets forth provisions for: (1) receipts and accounts of rental payments; (2) renegotiations and extensions of rental-purchase agreements; and (3) the content of rental-purchase advertising. Imposes individual and class action civil liability for violations. Establishes merchant defenses and provides for the liability of merchant assignees. Mandates model disclosure forms and clauses. Preempts inconsistent State laws providing lesser consumer protection.
Introduced in House
Introduced in House
Referred to the House Committee on Banking and Financial Services.
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
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