H.R.2498 - Rent-To-Own Reform Act of 2001107th Congress (2001-2002)
|Sponsor:||Rep. Waters, Maxine [D-CA-35] (Introduced 07/12/2001)|
|Committees:||House - Financial Services|
|Latest Action:||07/31/2001 Referred to the Subcommittee on Financial Institutions and Consumer Credit.|
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Summary: H.R.2498 — 107th Congress (2001-2002)All Bill Information (Except Text)
Rent-To-Own Reform Act of 2001 - Amends the Consumer Credit Protection Act to prohibit seller-imposed interest, finance charges, or other fees in a rent-to-own transaction that exceed maximum interest, fees, or finance charges that may be charged for a credit sale or retail installment sale for the same or similar item under the laws of the seller's State.
Introduced in House (07/12/2001)
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.