US Congress House Bill 1588 (Prior Session Legislation)

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June 29 2012 - Placed on the Union Calendar, Calendar No. 405.
Text: Latest bill text (Introduced) [PDF]

Consumer Rental Purchase Agreement Act - (Sec. 3) Amends the Consumer Credit Protection Act to prescribe consumer protection guidelines for rental-purchase transactions, including: (1) the determination of rental-purchase cost and a payment schedule; (2) disclosure requirements; (3) prohibitions against confessions of judgment, wage assignments, waiver of consumer claims or defenses, and other specified kinds of provisions; (4) furnishing of statements of account; (5) point-of-rental disclosures; and (6) clear and conspicuous rental-purchase advertising disclosures. Shields "rental-purchase agreements" from laws regulating: (1) a credit sale and a consumer lease as defined in the Truth in Lending Act, or (2) an extension of credit or a transaction giving rise to a debt incurred in connection with the purchase of a thing of value. Exempts from jurisdiction of this Act rental-purchase agreements primarily for business, commercial, or agricultural purposes, or those made with government agencies or instrumentalities. Declares that the consumer shall acquire ownership of a property that is the subject of the rental-purchase agreement, and the rental-purchase agreement shall terminate, upon the consumer's compliance with specified total cost payment requirements ,or any early payment option provided in the rental purchase agreement, and upon payment of any past due payments and fees. Grants federal district courts jurisdiction over actions brought under this Act. Permits an action for civil liability against a merchant's assignee only if the violation is apparent on the face of a rental-purchase agreement to which it relates, including, but not limited to, a disclosure that can be determined to be incomplete or inaccurate from the face of the agreement. Authorizes the Board of Governors of the Federal Reserve System to promulgate implementing regulations. Grants enforcement powers to the Federal Trade Commission (FTC) and to state attorneys general. Subjects to criminal penalties any willful and knowing violation of the information disclosure requirements of this Act. Provides that a term or provision of state law is not inconsistent with this Act if it affords greater protection and benefit to the consumer than is provided under this Act as determined by the Board, on its own motion or upon the petition of any interested party. Declares this Act to supersede state law to the extent that such law: (1) regulates a rental-purchase agreement as a security interest, credit sale, retail installment sale, conditional sale or any other form of consumer credit, or that imputes to a rental-purchase agreement the creation of a debt or extension of credit; or (2) requires the disclosure of a percentage rate calculation, including a time-price differential, an annual percentage rate, or an effective annual percentage rate. Shields from civil or criminal liability under this Act the United States and its departments or agencies, and any state, state agency, or state political subdivision.

Consumer Rental Purchase Agreement Act

Rep Canseco, Francisco "Quico"	Rep Ackerman, Gary L.	Rep Akin, W. Todd	Rep Alexander, Rodney
Rep Austria, Steve	Rep Baca, Joe	Rep Bartlett, Roscoe G.	Rep Bishop, Rob
Rep Black, Diane	Rep Blackburn, Marsha	Rep Bonner, Jo	Rep Boren, Dan
Rep Boswell, Leonard L.	Rep Boustany, Charles W., Jr.	Rep Burgess, Michael C.	Rep Butterfield, G. K.
Rep Calvert, Ken	Rep Castor, Kathy	Rep Christensen, Donna M.	Rep Clay, Wm. Lacy
Rep Cleaver, Emanuel	Rep Coble, Howard	Rep Conaway, K. Michael	Rep Costello, Jerry F.
Rep Crawford, Eric A. "Rick"	Rep Davis, Danny K.	Rep Davis, Geoff	Rep DesJarlais, Scott
Rep Diaz-Balart, Mario	Rep Dold, Robert J.	Rep Duffy, Sean P.	Rep Duncan, John J., Jr.
Rep Emerson, Jo Ann	Rep Farenthold, Blake	Rep Fincher, Stephen Lee	Rep Fleischmann, Charles J. "Chuck"
Rep Forbes, J. Randy	Rep Foxx, Virginia	Rep Gibbs, Bob	Rep Gingrey, Phil
Rep Gohmert, Louie	Rep Goodlatte, Bob	Rep Graves, Sam	Rep Griffin, Tim
Rep Grimm, Michael G.	Rep Guthrie, Brett	Rep Hall, Ralph M.	Rep Hanabusa, Colleen W.
Rep Harper, Gregg	Rep Hartzler, Vicky	Rep Hastings, Alcee L.	Rep Hensarling, Jeb
Rep Hinojosa, Ruben	Rep Holden, Tim	Rep Hurt, Robert	Rep Jenkins, Lynn
Rep Johnson, Bill	Rep Johnson, Eddie Bernice	Rep Johnson, Sam	Rep Johnson, Timothy V.
Rep Jones, Walter B., Jr.	Rep Jordan, Jim	Rep Kelly, Mike	Rep King, Steve
Rep Kingston, Jack	Rep Kinzinger, Adam	Rep Kline, John	Rep Latham, Tom
Rep LaTourette, Steven C.	Rep Lucas, Frank D.	Rep Luetkemeyer, Blaine	Rep Manzullo, Donald A.
Rep Marchant, Kenny	Rep McHenry, Patrick T.	Rep McIntyre, Mike	Rep McMorris Rodgers, Cathy
Rep Meeks, Gregory W.	Rep Myrick, Sue Wilkins	Rep Neugebauer, Randy	Rep Noem, Kristi L.
Rep Nugent, Richard	Rep Nunnelee, Alan	Rep Olson, Pete	Rep Palazzo, Steven M.
Rep Platts, Todd Russell	Rep Reyes, Silvestre	Rep Rigell, E. Scott	Rep Roe, David P.
Rep Rogers, Harold	Rep Rogers, Mike D.	Rep Ross, Dennis	Rep Ross, Mike
Rep Royce, Edward R.	Rep Schilling, Robert T.	Rep Schmidt, Jean	Rep Schock, Aaron
Rep Scott, Austin	Rep Scott, David	Rep Sessions, Pete	Rep Shimkus, John
Rep Shuster, Bill	Rep Smith, Adrian	Rep Smith, Lamar	Rep Stivers, Steve
Rep Terry, Lee	Rep Towns, Edolphus	Rep Turner, Michael R.	Rep Westmoreland, Lynn A.
Rep Whitfield, Ed	Rep Wilson, Frederica S.	Rep Wilson, Joe	Rep Wittman, Robert J.
Rep Wolf, Frank R.	Rep Womack, Steve	Rep Young, Don

Date	Chamber	Action
2012-06-29	House	Placed on the Union Calendar, Calendar No. 405.
2012-06-29	House	Reported (Amended) by the Committee on Financial Services. H. Rept. 112-565.
2012-05-31	House	Ordered to be Reported (Amended) by the Yeas and Nays: 33 - 21.
2012-05-31	House	Committee Consideration and Mark-up Session Held.
2011-11-17	House	Forwarded by Subcommittee to Full Committee (Amended) by Voice Vote .
2011-11-17	House	Subcommittee Consideration and Mark-up Session Held.
2011-07-26	House	Subcommittee Hearings Held.
2011-05-02	House	Referred to the Subcommittee on Financial Institutions and Consumer Credit.
2011-04-15	House	Referred to the House Committee on Financial Services.

SB881 (Related) 2011-05-04 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Type	Source
Summary	http://thomas.loc.gov/cgi-bin/bdquery/z?d112:HN01588:@@@L&summ2=m&
Text	http://gpo.gov/fdsys/pkg/BILLS-112hr1588ih/pdf/BILLS-112hr1588ih.pdf
Text	http://gpo.gov/fdsys/pkg/BILLS-112hr1588rh/pdf/BILLS-112hr1588rh.pdf