,i #aacth ,,congress #ast ,session ,h4 ,r4 #aeea ,,in ,,the ,,house ,,of ,,representatives ,april #ae1 #bjac ,mr4 ,meeks 7for himself1 ,mr4 ,luetkemeyer1 ,mr4 ,david ,scott of ,georgia1 ,mr4 ,sessions1 and ,mr4 ,clay7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,a ,,bill ,to amend the ,consumer ,credit ,protection ,act to assure meaningful disclosures of the terms of rental-purchase agreements1 including disclosures of all costs to consumers under such agreements1 to provide certain substantive rights to consumers under such agreements1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,consumer ,rental ,purchase ,agreement ,act4 #b4 ,findings and declaration of purpose 7a7 ,findings ,the ,congress finds as follows3 7#a7 ,the rental-purchase industry provides a service that meets and satisfies the demands of many consumers4 7#b7 ,each year1 approximately #b1cjj1jjj ,united ,states households enter into rental-purchase transactions and over a #e-year period approximately #d1ijj1jjj ,united ,states households will do so4 7#c7 ,competition among the various firms engaged in the extension of rental-purchase transactions would be strengthened by informed use of rental-purchase transactions4 7#d7 ,the informed use of rental-purchase transactions results from an awareness of the cost thereof by consumers4 7b7 ,purpose ,the purpose of this title is to assure the availability of rental-purchase transactions and to assure simple1 meaningful1 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 transactions1 and to protect consumers against unfair rental-purchase practices4 #c4 ,rental-purchase transactions covered under the ,consumer ,credit ,protection ,act ,the ,consumer ,credit ,protection ,act is amended by adding at the end the following new title3 ,x ,rental-purchase transactions ,sec4 #ajja4 ,definitions4 ,sec4 #ajjb4 ,exempted transactions4 ,sec4 #ajjc4 ,general disclosure requirements4 ,sec4 #ajjd4 ,rental-purchase disclosures4 ,sec4 #ajje4 ,other agreement provisions4 ,sec4 #ajjf4 ,right to acquire ownership4 ,sec4 #ajjg4 ,prohibited provisions4 ,sec4 #ajjh4 ,statement of accounts4 ,sec4 #ajji4 ,renegotiations and extensions4 ,sec4 #ajaj4 ,point-of-rental disclosures4 ,sec4 #ajaa4 ,rental-purchase advertising4 ,sec4 #ajab4 ,civil liability4 ,sec4 #ajac4 ,additional grounds for civil liability4 ,sec4 #ajad4 ,liability of assignees4 ,sec4 #ajae4 ,regulations4 ,sec4 #ajaf4 ,enforcement4 ,sec4 #ajag4 ,criminal liability for willful and knowing violation4 ,sec4 #ajah4 ,relation to other laws4 ,sec4 #ajai4 ,effect on ,government agencies4 ,sec4 #ajbj4 ,compliance date4 #ajja4 ,definitions ,for purposes of this title1 the following definitions shall apply3 7#a7 ,advertisement ,the term advertisement means a commercial message in any medium that promotes1 directly or indirectly1 a rental-purchase agreement but does not include price tags1 window signs1 or other in-store merchandising aids4 7#b7 ,agricultural purpose ,the term agricultural purpose includes-- 7,a7 the production1 harvest1 exhibition1 marketing1 transformation1 processing1 or manufacture of agricultural products by a natural person who cultivates plants or propagates or nurtures agricultural products2 and 7,b7 the acquisition of farmlands1 real property with a farm residence1 or personal property and services used primarily in farming4 7#c7 ,board ,the term ,board means the ,board of ,governors of the ,federal ,reserve ,system4 7#d7 ,cash price ,the term cash price means the price at which a merchant1 in the ordinary course of business1 offers to sell for cash the property that is the subject of the rental-purchase transaction4 7#e7 ,consumer ,the term consumer means a natural person who is offered or enters into a rental-purchase agreement4 7#f7 ,date of consummation ,the term date of consummation means the date on which a consumer becomes contractually obligated under a rental-purchase agreement4 7#g7 ,initial payment ,the term initial payment means the amount to be paid before or at the consummation of the agreement or the delivery of the property if delivery occurs after consummation1 including the rental payment2 service1 processing1 or administrative charges2 delivery fee2 refundable security deposit2 taxes2 mandatory fees or charges2 and any optional fees or charges agreed to by the consumer4 7#h7 ,merchant ,the term merchant means a person who provides the use of property through a rental-purchase agreement in the ordinary course of business and to whom a consumer's initial payment under the agreement is payable4 7#i7 ,payment schedule ,the term payment schedule means the amount and timing of the periodic payments and the total number of all periodic payments that the consumer will make if the consumer acquires ownership of the property by making all periodic payments4 7#aj7 ,periodic payment ,the term periodic payment means the total payment a consumer will make for a specific rental period after the initial payment1 including the rental payment1 taxes1 mandatory fees or charges1 and any optional fees or charges agreed to by the consumer4 7#aa7 ,property ,the term property means property that is not real property under the laws of the ,state where the property is located when it is made available under a rental-purchase agreement4 7#ab7 ,rental payment ,the term rental payment means rent required to be paid by a consumer for the possession and use of property for a specific rental period1 but does not include taxes or any fees or charges4 7#ac7 ,rental period ,the term rental period means a week1 month1 or other specific period of time1 during which the consumer has a right to possess and use property that is the subject of a rental-purchase agreement after paying the rental payment and any applicable taxes for such period4 7#ad7 ,rental-purchase agreement 7,a7 ,in general ,the term rental-purchase agreement means a contract in the form of a bailment or lease for the use of property by a consumer for an initial period of #d months or less1 that is renewable with each payment by the consumer1 and that permits but does not obligate the consumer to become the owner of the property4 7,b7 ,exclusions ,the term rental-purchase agreement does not include-- 7i7 a credit sale 7as defined in section #ajc7;g7 of the ,truth in ,lending ,act72 7ii7 a consumer lease 7as defined in section #aha7a7 of such ,act72 or 7iii7 a transaction giving rise to a debt incurred in connection with the business of lending money or a thing of value4 7#ae7 ,rental-purchase cost 7,a7 ,in general ,for purposes of sections #ajaj and #ajaa1 the term rental-purchase cost means the sum of all rental payments and mandatory fees or charges imposed by the merchant as a condition of entering into a rental-purchase agreement or acquiring ownership of property under a rental-purchase agreement1 such as the following3 7i7 ,service1 processing1 or administrative charge4 7ii7 ,fee for an investigation or credit report4 7iii7 ,charge for delivery required by the merchant4 7,b7 ,excluded items ,the following fees or charges shall not be taken into account in determining the rental-purchase cost with respect to a rental-purchase transaction3 7i7 ,fees and charges prescribed by law1 which actually are or will be paid to public officials or government entities1 such as sales tax4 7ii7 ,fees and charges for optional products and services offered in connection with a rental-purchase agreement4 7#af7 ,state ,the term ,state means any ,state of the ,united ,states1 the ,district of ,columbia1 any territory of the ,united ,states1 ,puerto ,rico1 ,guam1 ,american ,samoa1 the ,trust ,territory of the ,pacific ,islands1 the ,virgin ,islands1 and the ,northern ,mariana ,islands4 7#ag7 ,total cost ,the term total cost means the sum of the initial payment and all periodic payments in the payment schedule to be paid by the consumer to acquire ownership of the property that is the subject of the rental-purchase agreement4 #ajjb4 ,exempted transactions ,this title shall not apply to rental-purchase agreements primarily for business1 commercial1 or agricultural purposes1 or those made with ,government agencies or instrumentalities4 #ajjc4 ,general disclosure requirements 7a7 ,recipient of disclosure ,a merchant shall disclose to any person who will be a signatory to a rental-purchase agreement the information required by sections #ajjd and #ajje4 7b7 ,timing of disclosure ,the disclosures required under sections #ajjd and #ajje shall be made before the consummation of the rental-purchase agreement and clearly and conspicuously in writing as part of the rental-purchase agreement to be signed by the consumer4 7c7 ,clearly and conspicuously ,as used in this section1 the term clearly and conspicuously means that information required to be disclosed to the consumer shall be worded plainly and simply1 and appear in a type size1 prominence1 and location as to be readily noticeable1 readable1 and comprehensible to an ordinary consumer4 #ajjd4 ,rental-purchase disclosures 7a7 ,in general ,for each rental-purchase agreement1 the merchant shall disclose to the consumer the following1 to the extent applicable3 7#a7 ,the date of the consummation of the rental-purchase transaction and the identities of the merchant and the consumer4 7#b7 ,a brief description of the rental property1 which shall be sufficient to identify the property to the consumer1 including an identification or serial number1 if applicable1 and a statement indicating whether the property is new or used4 7#c7 ,a description of any fee1 charge or penalty1 in addition to the periodic payment1 that the consumer may be required to pay under the agreement1 which shall be separately identified by type and amount4 7#d7 ,a clear and conspicuous statement that the transaction is a rental-purchase agreement and that the consumer will not obtain ownership of the property until the consumer has paid the total dollar amount necessary to acquire ownership4 7#e7 ,the amount of any initial payment1 which includes the first periodic payment1 and the total amount of any fees1 taxes1 or other charges1 required to be paid by the consumer4 7#f7 ,the amount of the cash price of the property that is the subject of the rental-purchase agreement1 and1 if the agreement involves the rental of #b or more items as a set 7as may be defined by the ,board in regulation7 a statement of the aggregate cash price of all items shall satisfy this requirement4 7#g7 ,the amount and timing of periodic payments1 and the total number of periodic payments necessary to acquire ownership of the property under the rental-purchase agreement4 7#h7 ,the total cost1 using that term1 and a brief description1 such as ,this is the amount you will pay the merchant if you make all periodic payments to acquire ownership of the property44 7#i7 ,a statement of the consumer's right to terminate the agreement without paying any fee or charge not previously due under the agreement by voluntarily surrendering or returning the property in good repair upon expiration of any lease term4 7#aj7 ,substantially the following statement3 ,,other ,,important ,,terms3 ,see your rental-purchase agreement for additional important information on early termination procedures1 purchase option rights1 responsibilities for loss1 damage or destruction of the property1 warranties1 maintenance responsibilities1 and other charges or penalties you may incur44 7b7 ,form of disclosure ,the disclosures required by paragraphs 7#d7 through 7#aj7 of subsection 7a7 shall be segregated from other information at the beginning of the rental-purchase agreement and shall contain only directly related information1 and shall be identified in boldface1 uppercase letters as follows3 ,,important ,,rental-,,purchase ,,disclosures4 7c7 ,disclosure requirements relating to insurance premiums and liability waivers 7#a7 ,in general ,a merchant shall clearly and conspicuously disclose in writing to the consumer before the consummation of a rental-purchase agreement that the purchase of leased property insurance or liability waiver coverage is not required as a condition for entering into the rental-purchase agreement4 7#b7 ,affirmative written request after cost disclosure ,a merchant may provide insurance or liability waiver coverage1 directly or indirectly1 in connection with a rental-purchase transaction only if-- 7,a7 the merchant clearly and conspicuously discloses to the consumer the cost of each component of such coverage before the consummation of the rental-purchase agreement2 and 7,b7 the consumer signs an affirmative written request for such coverage after receiving the disclosures required under subparagraph 7,a7 of this paragraph and paragraph 7#a74 7d7 ,accuracy of disclosure 7#a7 ,in general ,the disclosures required to be made under subsection 7a7 shall be accurate as of the date the disclosures are made1 based on the information available to the merchant4 7#b7 ,information subsequently rendered inaccurate ,if information required to be disclosed under subsection 7a7 is subsequently rendered inaccurate as a result of any agreement between the merchant and the consumer subsequent to the delivery of the required disclosures1 the resulting inaccuracy shall not constitute a violation of this title4 #ajje4 ,other agreement provisions 7a7 ,in general ,each rental-purchase agreement shall-- 7#a7 provide a statement specifying whether the merchant or the consumer is responsible for loss1 theft1 damage1 or destruction of the property2 7#b7 provide a statement specifying whether the merchant or the consumer is responsible for maintaining or servicing the property1 together with a brief description of the responsibility2 7#c7 provide that the consumer may terminate the agreement without paying any charges not previously due under the agreement by voluntarily surrendering or returning the property that is the subject of the agreement upon expiration of any rental period2 7#d7 contain a provision for reinstatement of the agreement1 which at a minimum-- 7,a7 permits a consumer who fails to make a timely rental payment to reinstate the agreement1 without losing any rights or options which exist under the agreement1 by the payment of all past due rental payments and any other charges then due under the agreement and a payment for the next rental period within #g business days after failing to make a timely rental payment if the consumer pays monthly1 or within #c business days after failing to make a timely rental payment if the consumer pays more frequently than monthly2 7,b7 if the consumer returns or voluntarily surrenders the property covered by the agreement1 other than through judicial process1 during the applicable reinstatement period set forth in subparagraph 7,a71 permits the consumer to reinstate the agreement during a period of at least #fj days after the date of the return or surrender of the property by the payment of all amounts previously due under the agreement1 any applicable fees1 and a payment for the next rental period2 7,c7 if the consumer has paid #ej percent or more of the total cost necessary to acquire ownership and returns or voluntarily surrenders the property1 other than through judicial process1 during the applicable reinstatement period set forth in subparagraph 7,a71 permits the consumer to reinstate the agreement during a period of at least #abj days after the date of the return of the property by the payment of all amounts previously due under the agreement1 any applicable fees1 and a payment for the next rental period2 and 7,d7 permits the consumer1 upon reinstatement of the agreement to receive the same property1 if available1 that was the subject of the rental-purchase agreement1 or if the same property is not available1 a substitute item of comparable quality and condition may be provided to the consumer2 except that1 the ,board may1 by regulation or order1 exempt any independent small business 7as defined by the ,board by regulation7 from the requirement of providing the same or comparable product during the extended reinstatement period provided in subparagraph 7,c71 if the ,board determines1 taking into account such standards as the ,board determines to be appropriate1 that the reinstatement right provided in such subparagraph would provide excessive hardship for such independent small business2 7#e7 provide a statement specifying the terms under which the consumer shall acquire ownership of the property that is the subject of the rental-purchase agreement either by payment of the total cost to acquire ownership1 as provided in section #ajjf1 or by exercise of any early purchase option provided in the rental-purchase agreement2 7#f7 provide a statement disclosing that if any part of a manufacturer's express warranty covers the property at the time the consumer acquires ownership of the property1 the warranty will be transferred to the consumer if allowed by the terms of the warranty2 and 7#g7 provide1 to the extent applicable1 a description of any grace period for making any periodic payment1 the amount of any security deposit1 if any1 to be paid by the consumer upon initiation of the rental-purchase agreement1 and the terms for refund of such security deposit to the consumer upon return1 surrender or purchase of the property4 7b7 ,repossession during reinstatement period ,subsection 7a77#d7 shall not be construed so as to prevent a merchant from attempting to repossess property during the reinstatement period pursuant to subsection 7a77#d77;,a71 but such a repossession does not affect the consumer's right to reinstate4 #ajjf4 ,right to acquire ownership 7a7 ,in general ,the consumer shall acquire ownership of the property that is the subject of the rental-purchase agreement1 and the rental-purchase agreement shall terminate1 upon compliance by the consumer with the requirements of subsection 7b7 or any early payment option provided in the rental purchase agreement1 and upon payment of any past due payments and fees1 as permitted in regulation by the ,board4 7b7 ,payment of total cost ,the consumer shall acquire ownership of the rental property upon payment of the total cost of the rental-purchase agreement1 as such term is defined in section #ajja7ag71 and as disclosed to the consumer in the rental-purchase agreement pursuant to section #ajjd7;a74 7c7 ,additional fees prohibited ,a merchant shall not require the consumer to pay1 as a condition for acquiring ownership of the property that is the subject of the rental-purchase agreement1 any fee or charge in addition to1 or in excess of1 the regular periodic payments required by subsection 7b71 or any early purchase option amount provided in the rental-purchase agreement1 as applicable4 ,a requirement that the consumer pay an unpaid late charge or other fee or charge which the merchant has previously billed to the consumer shall not constitute an additional fee or charge for purposes of this subsection4 7d7 ,transfer of ownership rights ,upon payment by the consumer of all payments necessary to acquire ownership under subsection 7b7 or any early purchase option amount provided in the rental-purchase agreement1 as appropriate1 the merchant shall-- 7#a7 deliver1 or mail to the consumer's last known address1 such documents or other instruments1 which the ,board has determined by regulation1 are necessary to acknowledge full ownership by the consumer of the property acquired pursuant to the rental-purchase agreement2 and 7#b7 transfer to the consumer the unexpired portion of any warranties provided by the manufacturer1 distributor1 or seller of the property1 which shall apply as if the consumer were the original purchaser of the property1 except where such transfer is prohibited by the terms of the warranty4 #ajjg4 ,prohibited provisions ,a rental-purchase agreement may not contain-- 7#a7 a confession of judgment2 7#b7 a negotiable instrument2 7#c7 a security interest or any other claim of a property interest in any goods1 except those goods the use of which is provided by the merchant pursuant to the agreement2 7#d7 a wage assignment2 7#e7 a provision requiring the waiver of any legal claim or remedy created by this title or other provision of ,federal or ,state law2 7#f7 a provision requiring the consumer1 in the event the property subject to the rental-purchase agreement is lost1 stolen1 damaged1 or destroyed1 to pay an amount in excess of the least of-- 7,a7 the fair market value of the property1 as determined by the ,board in regulation2 7,b7 any early purchase option amount provided in the rental-purchase agreement2 or 7,c7 the actual cost of repair1 as appropriate2 7#g7 a provision authorizing the merchant1 or a person acting on behalf of the merchant1 to enter the consumer's dwelling or other premises without obtaining the consumer's consent or to commit any breach of the peace in connection with the repossession of the rental property or the collection of any obligation or alleged obligation of the consumer arising out of the rental-purchase agreement2 7#h7 a provision requiring the purchase of insurance or liability damage waiver to cover the property that is the subject of the rental-purchase agreement1 except as permitted by the ,board in regulation2 7#i7 a provision requiring the consumer to pay more than #a late fee or charge for an unpaid or delinquent periodic payment1 regardless of the period in which the payment remains unpaid or delinquent1 or to pay a late fee or charge for any periodic payment because a previously assessed late fee has not been paid in full4 #ajjh4 ,statement of accounts ,upon request of a consumer1 a merchant shall provide a statement of the consumer's account4 ,if a consumer requests a statement for an individual account more than #d times in any #ab-month period1 the merchant may charge a reasonable fee for the additional statements4 #ajji4 ,renegotiations and extensions 7a7 ,renegotiations ,a renegotiation occurs when a rental-purchase agreement is satisfied and replaced by a new agreement undertaken by the same consumer4 ,a renegotiation requires new disclosures1 except as provided in subsection 7c74 7b7 ,extensions ,an extension is an agreement by the consumer and the merchant1 to continue an existing rental-purchase agreement beyond the original end of the payment schedule1 but does not include a continuation that is the result of a renegotiation4 7c7 ,exceptions ,new disclosures are not required for the following1 even if they meet the definition of a renegotiation or an extension3 7#a7 ,a reduction in payments4 7#b7 ,a deferment of #a or more payments4 7#c7 ,the extension of a rental-purchase agreement4 7#d7 ,the substitution of property with property that has a substantially equivalent or greater economic value provided the rental-purchase cost does not increase4 7#e7 ,the deletion of property in a multiple-item agreement4 7#f7 ,a change in rental period provided the rental-purchase cost does not increase4 7#g7 ,an agreement resulting from a court proceeding4 7#h7 ,any other event described in regulations prescribed by the ,board4 #ajaj4 ,point-of-rental disclosures 7a7 ,in general ,for any item of property or set of items displayed or offered for rental-purchase1 the merchant shall display on or next to the item or set of items a card1 tag1 or label that clearly and conspicuously discloses the following3 7#a7 ,a brief description of the property4 7#b7 ,whether the property is new or used4 7#c7 ,the cash price of the property4 7#d7 ,the amount of each rental payment4 7#e7 ,the total number of rental payments necessary to acquire ownership of the property4 7#f7 ,the rental-purchase cost4 7b7 ,form of disclosure 7#a7 ,in general ,a merchant may make the disclosure required by subsection 7a7 in the form of a list or catalog which is readily available to the consumer at the point of rental if the merchandise is not displayed in the merchant's showroom or if displaying a card1 tag1 or label would be impractical due to the size of the merchandise4 7#b7 ,clearly and conspicuously ,as used in this section1 the term clearly and conspicuously means that information required to be disclosed to the consumer shall appear in a type size1 prominence1 and location as to be noticeable1 readable1 and comprehensible to an ordinary consumer4 #ajaa4 ,rental-purchase advertising 7a7 ,in general ,if an advertisement for a rental-purchase transaction refers to or states the amount of any payment for any specific item or set of items1 the merchant making the advertisement shall also clearly and conspicuously state in the advertisement the following for the item1 or set of items1 advertised3 7#a7 ,the transaction advertised is a rental-purchase agreement4 7#b7 ,the amount1 timing1 and total number of rental payments necessary to acquire ownership under the rental-purchase agreement4 7#c7 ,the amount of the rental-purchase cost4 7#d7 ,to acquire ownership of the property the consumer must pay the rental-purchase cost plus applicable taxes4 7#e7 ,whether the stated payment amount and advertised rental-purchase cost is for new or used property4 7b7 ,prohibition ,an advertisement for a rental-purchase agreement shall not state or imply that a specific item1 or set of items1 is available at specific amounts or terms unless the merchant usually and customarily offers1 or will offer1 the item or set of items at the stated amounts or terms4 7c7 ,clearly and conspicuously 7#a7 ,in general ,for purposes of this section1 the term clearly and conspicuously means that required disclosures shall be presented in a type1 size1 shade1 contrast1 prominence1 location1 and manner1 as applicable to different mediums for advertising1 so as to be readily noticeable and comprehensible to the ordinary consumer4 7#b7 ,regulatory guidance ,the ,board shall prescribe regulations on principles and factors to meet the clear and conspicuous standard as appropriate to print1 video1 audio1 and computerized advertising1 reflecting the principles and factors typically applied in each medium by the ,federal ,trade ,commission4 7#c7 ,limitation ,nothing contrary to1 inconsistent with1 or in mitigation of1 the required disclosures shall be used in any advertisement in any medium1 and no audio1 video1 or print technique shall be used that is likely to obscure or detract significantly from the communication of the disclosures4 #ajab4 ,civil liability 7a7 ,in general ,except as otherwise provided in section #ajac1 any merchant who fails to comply with any requirement of this title with respect to any consumer is liable to such consumer as provided for leases in section #acj4 ,for purposes of this section1 the term creditor as used in section #acj shall include a merchant1 as defined in section #ajja4 7b7 ,jurisdiction of courts2 limitation on actions 7#a7 ,in general ,notwithstanding section #acj7;e71 any action under this section may be brought in any ,united ,states district court1 or in any other court of competent jurisdiction1 before the end of the #a-year period beginning on the date the last payment was made by the consumer under the rental-purchase agreement4 7#b7 ,recoupment or set-off ,this subsection shall not bar a consumer from asserting a violation of this title in an action to collect an obligation arising from a rental-purchase agreement1 which was brought after the end of the #a-year period described in paragraph 7#a7 as a matter of defense by recoupment or set-off in such action1 except as otherwise provided by ,state law4 #ajac4 ,additional grounds for civil liability 7a7 ,individual cases with actual damages ,any merchant who fails to comply with any requirements imposed under section #ajaj or #ajaa with respect to any consumer who suffers actual damage from the violation shall be liable to such consumer as provided in section #acj4 7b7 ,pattern or practice of violations ,if a merchant engages in a pattern or practice of violating any requirement imposed under section #ajaj or #ajaa1 the ,federal ,trade ,commission or an appropriate ,state attorney general1 in accordance with section #ajaf1 may initiate an action to enforce sanctions against the merchant1 including-- 7#a7 an order to cease and desist from such practices2 and 7#b7 a civil money penalty of such amount as the court may impose1 based on such factors as the court may determine to be appropriate4 #ajad4 ,liability of assignees 7a7 ,assignees included ,for purposes of section #ajac1 and this section1 the term merchant includes an assignee of a merchant4 7b7 ,liabilities of assignees 7#a7 ,apparent violation ,an action under section #ajab or #ajac for a violation of this title may be brought against an assignee only if the violation is apparent on the face of the rental-purchase agreement to which it relates4 7#b7 ,apparent violation defined ,for purposes of this subsection1 a violation that is apparent on the face of a rental-purchase agreement includes1 but is not limited to1 a disclosure that can be determined to be incomplete or inaccurate from the face of the agreement4 7#c7 ,involuntary assignment ,an assignee has no liability in a case in which the assignment is involuntary4 7#d7 ,rule of construction ,no provision of this section shall be construed as limiting or altering the liability under section #ajab or #ajac of a merchant assigning a rental-purchase agreement4 7c7 ,proof of disclosure ,in an action by or against an assignee1 the consumer's written acknowledgment of receipt of a disclosure1 made as part of the rental-purchase agreement1 shall be conclusive proof that the disclosure was made1 if the assignee had no knowledge that the disclosure had not been made when the assignee acquired the rental-purchase agreement to which it relates4 #ajae4 ,regulations 7a7 ,in general ,the ,board shall prescribe regulations as necessary to carry out the purposes of this title1 to prevent its circumvention1 and to facilitate compliance with its requirements4 7b7 ,model disclosure forms ,the ,board may publish model disclosure forms and clauses for common rental-purchase agreements to facilitate compliance with the disclosure requirements of this title and to aid the consumer in understanding the transaction by utilizing readily understandable language to simplify the technical nature of the disclosures4 ,in devising such forms1 the ,board shall consider the use by merchants of data processing or similar automated equipment4 ,nothing in this title may be construed to require a merchant to use any such model form or clause prescribed by the ,board under this section4 ,a merchant shall be deemed to be in compliance with the requirement to provide disclosure under section #ajjc7;a7 if the merchant-- 7#a7 uses any appropriate model form or clause as published by the ,board2 or 7#b7 uses any such model form or clause and changes it by-- 7,a7 deleting any information which is not required by this title2 or 7,b7 rearranging the format1 if in making such deletion or rearranging the format1 the merchant does not affect the substance1 clarity1 or meaningful sequence of the disclosure4 7c7 ,effective date of regulations ,any regulation prescribed by the ,board1 or any amendment or interpretation thereof1 shall not be effective before the ,october #a that follows the date of publication of the regulation in final form by at least #f months4 ,the ,board may at its discretion lengthen that period of time to permit merchants to adjust to accommodate new requirements4 ,the ,board may also shorten that period of time1 notwithstanding the first sentence1 if it makes a specific finding that such action is necessary to comply with the findings of a court or to prevent unfair or deceptive practices4 ,in any case1 merchants may comply with any newly prescribed disclosure requirement prior to its effective date4 #ajaf4 ,enforcement 7a7 ,federal enforcement ,compliance with the requirements imposed under this title shall be enforced under the ,federal ,trade ,commission ,act 7#ae ,u4,s4,c4 #da et seq471 and a violation of any requirements imposed under this title shall be deemed a violation of a requirement imposed under that ,act4 ,all of the functions and powers of the ,federal ,trade ,commission under the ,federal ,trade ,commission ,act are available to the ,commission to enforce compliance by any person with the requirements of this title1 irrespective of whether that person is engaged in commerce or meets any other jurisdictional test in the ,federal ,trade ,commission ,act4 7b7 ,state enforcement 7#a7 ,in general ,an action to enforce the requirements imposed by this title may also be brought by the appropriate ,state attorney general in any appropriate ,united ,states district court1 or any other court of competent jurisdiction4 7#b7 ,prior written notice 7,a7 ,in general ,the ,state attorney general shall provide prior written notice of any such civil action to the ,federal ,trade ,commission and shall provide the ,commission with a copy of the complaint4 7,b7 ,emergency action ,if prior notice is not feasible1 the ,state attorney general shall provide notice to the ,commission immediately upon instituting the action4 7#c7 ,,ftc intervention ,the ,commission may-- 7,a7 intervene in the action2 7,b7 upon intervening-- 7i7 remove the action to the appropriate ,united ,states district court1 if it was not originally brought there2 and 7ii7 be heard on all matters arising in the action2 and 7,c7 file a petition for appeal4 #ajag4 ,criminal liability for willful and knowing violation ,whoever willfully and knowingly gives false or inaccurate information or fails to provide information which he is required to disclose under the provisions of this title or any regulation issued thereunder shall be subject to the penalty provisions as provided in section #aab4 #ajah4 ,relation to other laws 7a7 ,relation to ,state law 7#a7 ,no effect on consistent ,state laws ,except as otherwise provided in subsection 7b71 this title does not annul1 alter1 or affect in any manner the meaning1 scope or applicability of the laws of any ,state relating to rental-purchase agreements1 except to the extent those laws are inconsistent with any provision of this title1 and then only to the extent of the inconsistency4 7#b7 ,determination of inconsistency ,upon its own motion or upon the request of an interested party1 which is submitted in accordance with procedures prescribed in regulations of the ,board1 the ,board shall determine whether any such inconsistency exists4 ,if the ,board determines that a term or provision of a ,state law is inconsistent1 merchants located in that ,state need not follow such term or provision and shall incur no liability under the law of that ,state for failure to follow such term or provision1 notwithstanding that such determination is subsequently amended1 rescinded1 or determined by judicial or other authority to be invalid for any reason4 7#c7 ,greater protection under ,state law ,except as provided in subsection 7b71 for purposes of this section1 a term or provision of a ,state law is not inconsistent with the provisions of this title if the term or provision affords greater protection and benefit to the consumer than the protection and benefit provided under this title as determined by the ,board1 on its own motion or upon the petition of any interested party4 7b7 ,state laws relating to characterization of transaction ,notwithstanding the provisions of subsection 7a71 this title shall supersede any ,state law to the extent that such law-- 7#a7 regulates a rental-purchase agreement as a security interest1 credit sale1 retail installment sale1 conditional sale or any other form of consumer credit1 or that imputes to a rental-purchase agreement the creation of a debt or extension of credit1 or 7#b7 requires the disclosure of a percentage rate calculation1 including a time-price differential1 an annual percentage rate1 or an effective annual percentage rate4 7c7 ,relation to ,federal ,trade ,commission ,act ,no provision of this title shall be construed as limiting1 superseding1 or otherwise affecting the applicability of the ,federal ,trade ,commission ,act to any merchant or rental-purchase transaction4 #ajai4 ,effect on ,government agencies ,no civil liability or criminal penalty under this title may be imposed on the ,united ,states or any of its departments or agencies1 any ,state or political subdivision1 or any agency of a ,state or political subdivision4 #ajbj4 ,compliance date ,compliance with this title shall not be required until #f months after the date of the enactment of the ,consumer ,rental ,purchase ,agreement ,act4 ,in any case1 merchants may comply with this title at any time after such date of enactment4 4