H.R. 3060 (105th): Rent-To-Own Reform Act of 1997

Nov 13, 1997 (105th Congress, 1997–1998)
Died (Referred to Committee)
Joseph Kennedy II
Representative for Massachusetts's 8th congressional district
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Last Updated
Nov 13, 1997
17 pages

This bill was introduced on November 13, 1997, in a previous session of Congress, but was not enacted.

Introduced Nov 13, 1997
Referred to Committee Nov 13, 1997
Full Title

To amend the Consumer Credit Protection Act to protect consumers from inadequate disclosures and certain abusive practices in rent-to-own transactions, and for other purposes.


No summaries available.

Primary Source

THOMAS.gov (The Library of Congress)

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H.R. stands for House of Representatives bill.

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The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

Rent-To-Own Reform Act of 1997 - Amends the Consumer Credit Protection Act to designate a new title X as the Rent-To-Own Protection Act to prohibit a seller in a rent-to-own transaction from taking, receiving, or assessing any interest, finance charge, or other fee for the transaction in excess of that which may be charged under State law which establishes in connection with a credit or retail installment sale for the same or a similar item:
(1) a maximum rate or amount of interest, finance charge, or time-price differential that may be charged;
(2) the types and maximum amount of fees that a seller may charge; or
(3) the types of credit insurance and the maximum amount of premiums that can be charged for credit insurance.
Sets forth requirements regarding:
(1) termination, recovery, and other fees;
(2) the effect of termination; and
(3) guarantees and warranties.
Makes the following Federal laws applicable to rent-to-own transactions:
(1) the Truth in Lending Act;
(2) the Equal Credit Opportunity Act;
(3) the Fair Debt Collection Practices Act; and
(4) the Fair Credit Reporting Act. Requires a seller to include the following information on each item in the seller's place of business that is available for purchase pursuant to a rent-to-own transaction:
(1) the cash price;
(2) an itemization of services offered and the price of each service;
(3) the annual percentage rate;
(4) any applicable periodic payment and the number of payments;
(5) the total number of payments required to acquire ownership; and
(6) whether the item is new or used.
Requires a seller to provide such information to a consumer in writing at the time the parties enter into the contract.
Prohibits a seller under a rent-to-own contract with a consumer from taking specified actions, such as using threats or coercion to collect amounts alleged due, or unreasonably disclosing information to third parties regarding amounts owed by the consumer.
Makes compliance with the requirements of this Act enforceable by the Federal Trade Commission. Deems a violation of this Act to be an unfair or deceptive act or practice in violation of the Federal Trade Commission Act. Subjects sellers who violate the requirements of this Act to civil liability.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

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