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LEGISLATION | Detail
H.R. 1744: Consumer Rental Purchase Agreement Act
Sponsor:
Lacy (D - MO)
Official Title:
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.
Status:
3/26/2009: Introduced
3/26/2009: Referred to House Financial Services Committee
Commentary:
This bill, similar to S. 738, would require merchants offering goods under rental-purchase agreements to make detailed disclosures to consumers. “Willful and knowing” violations of these disclosure agreements, by omission or the giving of false information, would be punishable by imprisonment of up to 1 year and criminal fines of up to $5,000.
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