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.
Authorizes the Board of Governors of the Federal Reserve System to promulgate implementing regulations.
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.
Provides for Federal and State enforcement of this Act.
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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