H.R.1651 - Consumer Rental Purchase Agreement Act109th Congress (2005-2006)
|Sponsor:||Rep. Jones, Walter B., Jr. [R-NC-3] (Introduced 04/14/2005)|
|Committees:||House - Financial Services|
|Latest Action:||05/19/2005 Referred to the Subcommittee on Financial Institutions and Consumer Credit.|
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Summary: H.R.1651 — 109th Congress (2005-2006)All Bill Information (Except Text)
Introduced in House (04/14/2005)
Consumer Rental Purchase Agreement Act - Amends the Consumer Credit Protection Act to prescribe consumer protection guidelines for rental-purchase transactions, including: (1) the determination of rental-purchase cost; (2) disclosure requirements; (3) prohibitions 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.
Establishes civil and criminal liability for violations of this Act.
Grants enforcement powers to the Federal Trade Commission and to state attorneys general.