Patrick McHenryChairman

Washington, July 25, 2011 - The Financial Institutions and Consumer Credit Subcommittee, chaired by Rep. Shelley Moore Capito, will meet on Tuesday, July 26 for a hearing on legislation to improve oversight and transparency of the rent-to-own industry.

During the hearing, the Subcommittee will focus on H.R. 1588, the Consumer Rental Purchase Agreement Act, introduced by Rep. Francisco Canseco. The legislation creates uniform national disclosure standards for rent-to-own businesses, defines rent-to-own transactions and mandates simple disclosures to provide clear cost information to consumers considering rental purchase agreements. Those disclosures would be required to be clearly and conspicuously included in the rental-purchase agreement. While the legislation creates uniform federal regulations, it leaves intact the rights of states to further regulate the industry.

Subcommittee Chairman Capito said, “Consumers benefit from having a variety of options for financial products and services.   Mr. Canseco is to be commended for his leadership in offering the Consumer Rental Purchase Agreement Act.   I look forward to an informative hearing on this legislation and the rental purchase industry in general.”

The hearing will take place on Tuesday, July 26^th at 10 a.m. in room 2128 Rayburn.

Panel I:
Charles Harwood, Deputy Director of the Bureau of Consumer Protection, Federal Trade Commission

Panel II:
Jim Hawkins, Assistant Professor of Law, University of Houston Law Center
Roy Soto, Owner, Premier Rental Purchase
Vivian Saunders
Margot Freeman Saunders, Of Counsel, National Consumer Law Center