To amend the Consumer Credit Protection Act to protect consumers from inadequate disclosures and certain abusive practices in rent-to-own transactions, and for other purposes.
Prescribes guidelines for authorized seller termination charges.
Grants a rent-to-own transaction: (1) the same warranty and guaranty protections as apply to a consumer credit sale or retail installment sale; and (2) specified statutory protections under the Truth in Lending Act, the Equal Credit Opportunity Act, the Fair Debt Collection Practices Act, and the Fair Credit Reporting Act..
Mandates specified seller disclosures on goods in a rent-to-own transaction, including payment terms. Prohibits specified seller practices. Grants the Federal Trade Commission enforcement powers.
Subjects a seller to civil liability to the consumer for violations of this Act.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
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