S.2947 - Consumer Rental Purchase Agreement Act of 2002107th Congress (2001-2002)
|Sponsor:||Sen. Landrieu, Mary L. [D-LA] (Introduced 09/17/2002)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||09/17/2002 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.|
This bill has the status Introduced
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: S.2947 — 107th Congress (2001-2002)All Bill Information (Except Text)
Consumer Rental Purchase Agreement Act of 2002 - Amends the Consumer Credit Protection Act to prescribe guidelines for rental-purchase transactions, including: (1) the determination of rental-purchase cost; (2) disclosure requirements; (3) proscriptions against confessions of judgment, wage assignments, and waiver of consumer claims or defenses; (4) furnishing of statements of account; (5) point-of-rental disclosures; and (6) rental-purchase advertising disclosures.
Introduced in Senate (09/17/2002)
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.