S.571 - Residential Rent to Own Protection Act116th Congress (2019-2020)
|Sponsor:||Sen. Merkley, Jeff [D-OR] (Introduced 02/26/2019)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 02/26/2019 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
This bill has the status Introduced
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Summary: S.571 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (02/26/2019)
Residential Rent to Own Protection Act
This bill establishes requirements regarding residential rent-to-own agreements. The bill
- requires residential property subject to rent-to-own agreements to comply with applicable state and local habitability laws,
- prohibits eviction of a purchaser of such an agreement except if ordered in a judicial proceeding,
- requires public documentation of these agreements, and
- establishes civil penalties for violations.
The Consumer Financial Protection Bureau must promulgate regulations under this bill.