Sec. 2. Findings and declaration of purpose
133 words·~1 min read·
/bill/113/s/1208/is/section-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Congress finds that— the rental-purchase industry provides a service that meets and satisfies the demands of many consumers; each year, approximately 2,300,000 United States households enter into rental-purchase transactions, and over a 5-year period, approximately 4,900,000 United States households will do so; competition among the various firms engaged in the extension of rental-purchase transactions would be strengthened by informed use of rental-purchase transactions; and the informed use of rental-purchase transactions results from an awareness of the cost thereof by consumers.
The purpose of this Act is to ensure the availability of rental-purchase transactions and to ensure simple, meaningful, and consistent disclosure of rental-purchase terms so that consumers will be able to more readily compare the available rental-purchase terms and avoid uninformed use of rental-purchase transactions, and to protect consumers against unfair rental-purchase practices.