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

Introduced:
Nov 13, 1997 (105th Congress, 1997–1998)
Status:
Died (Referred to Committee)
Sponsor
Joseph Kennedy II
Representative for Massachusetts's 8th congressional district
Party
Democrat
Text
Read Text »
Last Updated
Nov 13, 1997
Length
17 pages
 
Status

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

Progress
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.

Summary

No summaries available.

 
Primary Source

THOMAS.gov (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here. Data comes via the congress project.

Widget

Get a bill status widget for your website »

Citation

Click a format for a citation suggestion:

Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

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


11/13/1997--Introduced.
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

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

Use the comment space below for discussion of the merits of H.R. 3060 (105th) with other GovTrack users.
Your comments are not read by Congressional staff.

comments powered by Disqus