Congressman Canseco's Statement on Passage of Consumer Rental Purchase Agreement Act by Financial Services Committee

May 31, 2012

FOR IMMEDIATE RELEASE
May 31, 2012

Contact:  Kyler Arnold
(202) 225-4511 or Kyler.Arnold@mail.house.gov

Congressman Canseco’s Statement on Passage of Consumer Rental Purchase Agreement Act by Financial Services Committee

Washington, D.C. - Congressman Francisco “Quico” Canseco (TX-23), a member of the House Financial Services Committee, issued the following statement after the House Financial Services Committee  favorably reported legislation introduced by Congressman Canseco , the Consumer Rental Purchase Agreement Act (HR 1588), to the full House of Representatives:

“Today the House Financial Services Committee passed the Consumer Rental Purchase Agreement Act, a bipartisan bill I introduced last year in order to help provide legal certainty for the rent to own industry and the customers it serves.  Millions of Americans, many of whom are unable to obtain credit or purchase household goods outright, use the rent to own transaction in order to obtain furniture, appliances, and other necessities for their homes.  Unfortunately, the industry and its customers have operated for years in an uncertain legal environment due to conflicting state laws that have impeded the ability of merchants to expand, create jobs, and serve their customers.”

“The Consumer Rental Purchase Agreement Act provides this legal certainty while also ensuring that a number of consumer protections are in place for customers of rent to own stores.  This legislation will create a better environment for customers and merchants to engage in business, and I am pleased that the advancement of the bill has largely been a bipartisan effort.  I look forward to this bill being taken up on the floor of the House of Representatives in the near future,” concluded Congressman Canseco.

To schedule an interview please contact Kyler Arnold at (202) 225-4511 or Kyler.Arnold@mail.house.gov

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