H.R.2019 - Consumer Disclosure and Rental Purchase Agreement Act105th Congress (1997-1998)
|Sponsor:||Rep. Jones, Walter B., Jr. [R-NC-3] (Introduced 06/24/1997)|
|Committees:||House - Banking and Financial Services|
|Latest Action:||07/14/1997 Referred to the Subcommittee on Financial Institutions and Consumer Credit. (All Actions)|
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Summary: H.R.2019 — 105th Congress (1997-1998)All Bill Information (Except Text)
Introduced in House (06/24/1997)
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.