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LegislationLEGISLATION | Detail


S. 881: Consumer Rental-Purchase Agreement Act of 2011

Sponsor: Landrieu (D - LA)

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 to consumers under such agreements, to provide substantive rights to consumers under such agreements, and for other purposes.

Status:
5/4/2011: Introduced in Senate
5/4/2011: Referred to Senate Banking, Housing and Urban Affairs Committee

Commentary:
This bill, much like its House counterpart (H.R. 1588), would amend the Consumer Credit Protection Act (CCPA) (15 U.S.C. § 1601 et seq.) to require merchants offering goods under rental-purchase agreements to make detailed disclosures to consumers. The bill also creates a new criminal offense punishing any party that “willfully and knowingly gives false or inaccurate information or fails to provide information which that person is required to disclose under the provisions of [the CCPA] or any regulation issued under this title [of the CCPA].” Violations of this provision would be punishable by criminal sanctions of up to one year imprisonment, fines of up to $5,000, or both.

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