House Bill Sets Rules on Rent-to-Own Contracts
The House voted to establish federal disclosure rules to protect consumers, mostly with lower incomes, who buy furniture and appliances on a rent-to-own basis.
Consumer groups said the legislation doesn’t go far enough to shield people from exploitation.
The legislation, passed 215 to 201, sets federal standards on rent-to-own contracts, including disclosure of cash price, the amount of payments and other costs and fees.
The bill faces an uncertain future in the Senate. Besides opposition from consumer groups, some conservatives voted against it on states’ rights grounds.
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