S. 738 would 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 certain substantive rights to consumers under such agreements.
Detailed Summary
Consumer Rental-Purchase Agreement Act of 2009 - Amends the Consumer Credit Protection Act to prescribe consumer protection guidelines for rental-purchase transactions, including: (1) the determination of rental-purchase cost; (2) disclosure requirements; (3) prohibitions against confessions of judgment, wage assignments, and waiver of consumer claims or defenses; (4) furnishing of statements of account; (5) point-of-rental disclosures; and (6) rental-purchase advertising disclosures.
Declares that an action for civil liability may be brought 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 and to state attorneys general.
Subjects to criminal penalties any willful and knowing violation of the information disclosure requirements of this Act.
Status of the Legislation
Latest Major Action: 3/30/2009: Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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