H.R. 5928 · 114th Congress
Expanding Rent-to-Own Protections Act of 2016
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
DelaneySponsor2 cosponsors · 2 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Consumer Financial Protection Act of 2010 to revise and expand the definition of the term "consumer financial product or service" to include terminable lease or bailment of personal property contracts (rent-to-own transactions) (other than a lease or bailment of a motor vehicle) for use by the consumer primarily for personal, family, or…
What it does: CRS summary · Introduced in House · Jul 25, 2016
Expanding Rent-to-Own Protections Act of 2016
This bill amends the Consumer Financial Protection Act of 2010 to revise and expand the definition of the term "consumer financial product or service" to include terminable lease or bailment of personal property contracts (rent-to-own transactions) (other than a lease or bailment of a motor vehicle) for use by the consumer primarily for personal, family, or household purposes under which:
- a consumer has the right of possession and use of the property, as well as the option to periodically renew the contract by making payments; and
- a seller agrees to transfer property ownership to the consumer upon the fulfillment of all contract obligations of the consumer.
The Consumer Financial Protection Bureau shall:
- prevent unfair, deceptive, or abusive acts or practices in connection with such contracts; and
- issue regulations identifying methods to protect consumers from entering into them.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Expanding Rent-to-Own Protections Act of 2016
Latest action (Jul 25, 2016): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jul 25, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.