H.R.2820 - Consumer Disclosure and Rental Purchase Agreement Act104th Congress (1995-1996)
|Sponsor:||Rep. Watts, J. C., Jr. [R-OK-4] (Introduced 12/20/1995)|
|Committees:||House - Banking and Financial Services|
|Latest Action:||01/19/1996 Referred to the Subcommittee on Financial Institutions and Consumer Credit. (All Actions)|
This bill has the status Introduced
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Summary: H.R.2820 — 104th Congress (1995-1996)All Information (Except Text)
Introduced in House (12/20/1995)
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. 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.