HR 1588

112th CONGRESS
1st Session

H. R. 1588

To amend the Consumer Credit Protection Act to assure meaningful disclosures of the terms of rental-purchase agreements, including disclosures of all costs to consumers under such agreements, to provide certain substantive rights to consumers under such agreements, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

April 15, 2011

Mr. CANSECO (for himself, Mr. CLAY, Mr. MANZULLO, Mr. DOLD, Mr. WESTMORELAND, Mr. HENSARLING, Mr. MCINTYRE, Mr. JONES, Mr. ROSS of Arkansas, Mr. BACA, Mr. HOLDEN, Mr. SESSIONS, Mr. DAVIS of Illinois, Mr. MEEKS, and Mr. TOWNS) introduced the following bill; which was referred to the Committee on Financial Services


A BILL

To amend the Consumer Credit Protection Act to assure meaningful disclosures of the terms of rental-purchase agreements, including disclosures of all costs to consumers under such agreements, to provide certain substantive rights to consumers under such agreements, and for other purposes.

SECTION 1. SHORT TITLE.

SEC. 2. FINDINGS AND DECLARATION OF PURPOSE.

SEC. 3. RENTAL-PURCHASE TRANSACTIONS COVERED UNDER THE CONSUMER CREDIT PROTECTION ACT.

`TITLE X--RENTAL-PURCHASE TRANSACTIONS

`SEC. 1001. DEFINITIONS.

`SEC. 1002. EXEMPTED TRANSACTIONS.

`SEC. 1003. GENERAL DISCLOSURE REQUIREMENTS.

`SEC. 1004. RENTAL-PURCHASE DISCLOSURES.

`SEC. 1005. OTHER AGREEMENT PROVISIONS.

`SEC. 1006. RIGHT TO ACQUIRE OWNERSHIP.

`SEC. 1007. PROHIBITED PROVISIONS.

`SEC. 1008. STATEMENT OF ACCOUNTS.

`SEC. 1009. RENEGOTIATIONS AND EXTENSIONS.

`SEC. 1010. POINT-OF-RENTAL DISCLOSURES.

`SEC. 1011. RENTAL-PURCHASE ADVERTISING.

`SEC. 1012. CIVIL LIABILITY.

`SEC. 1013. ADDITIONAL GROUNDS FOR CIVIL LIABILITY.

`SEC. 1014. LIABILITY OF ASSIGNEES.

`SEC. 1015. REGULATIONS.

`SEC. 1016. ENFORCEMENT.

`SEC. 1017. CRIMINAL LIABILITY FOR WILLFUL AND KNOWING VIOLATION.

`SEC. 1018. RELATION TO OTHER LAWS.

`SEC. 1019. EFFECT ON GOVERNMENT AGENCIES.

`SEC. 1020. COMPLIANCE DATE.

END