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S. 884 · 108th Congress

Consumer Rental-Purchase Agreement Act of 2003

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Never voted on. It didn't reach a floor vote before the 108th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

MLD LandrieuSponsor
27 cosponsors · 13 D, 14 R

Consumer Rental Purchase Agreement Act of 2003 - 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) prohibitions against confessions of judgment, wage assignments, and waiver of consumer claims or defenses, and other…

What it does: CRS summary · Introduced in Senate · Apr 10, 2003
Consumer Rental Purchase Agreement Act of 2003 - 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) prohibitions against confessions of judgment, wage assignments, and waiver of consumer claims or defenses, and other specified types of provisions; (4) furnishing of statements of account; (5) point-of-rental disclosures; and (6) rental-purchase advertising disclosures.

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.

Authorizes the Board of Governors of the Federal Reserve System to promulgate implementing regulations.

Provides for Federal and State enforcement of this Act. Subjects to criminal penalties any willful and knowing violation of the information disclosure requirements of this Act.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Consumer Rental-Purchase Agreement Act of 2003

Latest action (Apr 10, 2003): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S5233-5237)

Policy area: Commerce · Origin: Senate · Introduced: Apr 10, 2003

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.