H.R.1634 - Consumer Disclosure and Rental Purchase Agreement Act106th Congress (1999-2000)
|Sponsor:||Rep. Jones, Walter B., Jr. [R-NC-3] (Introduced 04/29/1999)|
|Committees:||House - Banking and Financial Services|
|Latest Action:||05/13/1999 Referred to the Subcommittee on Financial Institutions and Consumer Credit.|
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Summary: H.R.1634 — 106th Congress (1999-2000)All Bill Information (Except Text)
Introduced in House (04/29/1999)
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) quarterly reports from merchants to consumers; (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. Sets forth conditions under which this Act shall preempt State laws relating to rental-purchase agreements.