,i #aac? ,,congress #a/ ,session ,h4 ,r4 #aeea ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,april #ae1 #bjac ,mr4 ,meeks 7= himself1 ,mr4 ,luetkemey]1 ,mr4 ,david ,scott ( ,georgia1 ,mr4 ,sessions1 & ,mr4 ,clay7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,a ,,bill ,to am5d ! ,consum] ,cr$it ,protection ,act to assure mean+ful disclosures ( ! t]ms ( r5tal-pur*ase agreem5ts1 includ+ disclosures ( all co/s to consum]s "u su* agreem5ts1 to provide c]ta9 sub/antive rights to consum]s "u su* agreem5ts1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,consum] ,r5tal ,pur*ase ,agreem5t ,act4 #b4 ,f9d+s & decl>ation ( purpose 7a7 ,f9d+s ,! ,congress f9ds z foll[s3 7#a7 ,! r5tal-pur*ase indu/ry provides a s]vice t meets & satisfies ! dem&s ( _m consum]s4 7#b7 ,ea* ye>1 approximately #b1cjj1jjj ,unit$ ,/ates h\seholds ent] into r5tal-pur*ase transactions & ov] a #e-ye> p]iod approximately #d1ijj1jjj ,unit$ ,/ates h\seholds w d s4 7#c7 ,competition among ! v>i\s firms engag$ 9 ! ext5sion ( r5tal-pur*ase transactions w\ld be /r5g!n$ by in=m$ use ( r5tal-pur*ase transactions4 7#d7 ,! in=m$ use ( r5tal-pur*ase transactions results f an aw>5ess ( ! co/ !re( by consum]s4 7b7 ,purpose ,! purpose ( ?is title is to assure ! availability ( r5tal-pur*ase transactions & to assure simple1 mean+ful1 & consi/5t disclosure ( r5tal-pur*ase t]ms s t consum]s w be able to m readily comp>e ! available r5tal-pur*ase t]ms & avoid un9=m$ use ( r5tal-pur*ase transactions1 & to protect consum]s aga9/ unfair r5tal-pur*ase practices4 #c4 ,r5tal-pur*ase transactions cov]$ "u ! ,consum] ,cr$it ,protection ,act ,! ,consum] ,cr$it ,protection ,act is am5d$ by add+ at ! end ! foll[+ new title3 ,x ,r5tal-pur*ase transactions ,sec4 #ajja4 ,def9itions4 ,sec4 #ajjb4 ,exempt$ transactions4 ,sec4 #ajjc4 ,g5]al disclosure requirem5ts4 ,sec4 #ajjd4 ,r5tal-pur*ase disclosures4 ,sec4 #ajje4 ,o!r agreem5t provisions4 ,sec4 #ajjf4 ,"r to acquire own]%ip4 ,sec4 #ajjg4 ,prohibit$ provisions4 ,sec4 #ajjh4 ,/atem5t ( acc\nts4 ,sec4 #ajji4 ,r5egotiations & ext5sions4 ,sec4 #ajaj4 ,po9t-(-r5tal disclosures4 ,sec4 #ajaa4 ,r5tal-pur*ase adv]tis+4 ,sec4 #ajab4 ,civil liability4 ,sec4 #ajac4 ,additional gr\nds = civil liability4 ,sec4 #ajad4 ,liability ( assignees4 ,sec4 #ajae4 ,regulations4 ,sec4 #ajaf4 ,en=cem5t4 ,sec4 #ajag4 ,crim9al liability = willful & kn[+ violation4 ,sec4 #ajah4 ,relation to o!r laws4 ,sec4 #ajai4 ,effect on ,gov]nm5t ag5cies4 ,sec4 #ajbj4 ,compliance date4 #ajja4 ,def9itions ,= purposes ( ?is title1 ! foll[+ def9itions %all apply3 7#a7 ,adv]tisem5t ,! t]m adv]tisem5t means a comm]cial message 9 any m$ium t promotes1 directly or indirectly1 a r5tal-pur*ase agreem5t b does n include price tags1 w9d[ signs1 or o!r 9-/ore m]*&is+ aids4 7#b7 ,agricultural purpose ,! t]m agricultural purpose includes-- 7,a7 ! production1 h>ve/1 exhibition1 m>ket+1 trans=mation1 process+1 or manufacture ( agricultural products by a natural p]son :o cultivates plants or propagates or nurtures agricultural products2 & 7,b7 ! acquisition ( f>ml&s1 real prop]ty ) a f>m resid5ce1 or p]sonal prop]ty & s]vices us$ prim>ily 9 f>m+4 7#c7 ,bo>d ,! t]m ,bo>d means ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em4 7#d7 ,ca% price ,! t]m ca% price means ! price at :i* a m]*ant1 9 ! ord9>y c\rse ( bus9ess1 (f]s to sell = ca% ! prop]ty t is ! subject ( ! r5tal-pur*ase transaction4 7#e7 ,consum] ,! t]m consum] means a natural p]son :o is (f]$ or ent]s into a r5tal-pur*ase agreem5t4 7#f7 ,date ( consummation ,! t]m date ( consummation means ! date on :i* a consum] becomes contractually obligat$ "u a r5tal-pur*ase agreem5t4 7#g7 ,initial paym5t ,! t]m initial paym5t means ! am\nt to be paid be=e or at ! consummation ( ! agreem5t or ! deliv]y ( ! prop]ty if deliv]y occurs aft] consummation1 includ+ ! r5tal paym5t2 s]vice1 process+1 or adm9i/rative *>ges2 deliv]y fee2 refundable security deposit2 taxes2 m&atory fees or *>ges2 & any optional fees or *>ges agre$ to by ! consum]4 7#h7 ,m]*ant ,! t]m m]*ant means a p]son :o provides ! use ( prop]ty ?r\gh a r5tal-pur*ase agreem5t 9 ! ord9>y c\rse ( bus9ess & to :om a consum]'s initial paym5t "u ! agreem5t is payable4 7#i7 ,paym5t s*$ule ,! t]m paym5t s*$ule means ! am\nt & tim+ ( ! p]iodic paym5ts & ! total numb] ( all p]iodic paym5ts t ! consum] w make if ! consum] acquires own]%ip ( ! prop]ty by mak+ all p]iodic paym5ts4 7#aj7 ,p]iodic paym5t ,! t]m p]iodic paym5t means ! total paym5t a consum] w make = a specific r5tal p]iod aft] ! initial paym5t1 includ+ ! r5tal paym5t1 taxes1 m&atory fees or *>ges1 & any optional fees or *>ges agre$ to by ! consum]4 7#aa7 ,prop]ty ,! t]m prop]ty means prop]ty t is n real prop]ty "u ! laws ( ! ,/ate :]e ! prop]ty is locat$ :5 x is made available "u a r5tal-pur*ase agreem5t4 7#ab7 ,r5tal paym5t ,! t]m r5tal paym5t means r5t requir$ to be paid by a consum] = ! possession & use ( prop]ty = a specific r5tal p]iod1 b does n include taxes or any fees or *>ges4 7#ac7 ,r5tal p]iod ,! t]m r5tal p]iod means a week1 mon?1 or o!r specific p]iod ( "t1 dur+ :i* ! consum] has a "r to possess & use prop]ty t is ! subject ( a r5tal-pur*ase agreem5t aft] pay+ ! r5tal paym5t & any applicable taxes = su* p]iod4 7#ad7 ,r5tal-pur*ase agreem5t 7,a7 ,9 g5]al ,! t]m r5tal-pur*ase agreem5t means a contract 9 ! =m ( a bailm5t or lease = ! use ( prop]ty by a consum] = an initial p]iod ( #d mon?s or less1 t is r5ewable ) ea* paym5t by ! consum]1 & t p]mits b does n obligate ! consum] to become ! own] ( ! prop]ty4 7,b7 ,exclusions ,! t]m r5tal-pur*ase agreem5t does n include-- 7i7 a cr$it sale 7z def9$ 9 section #ajc7;g7 ( ! ,tru? 9 ,l5d+ ,act72 7ii7 a consum] lease 7z def9$ 9 section #aha7a7 ( su* ,act72 or 7iii7 a transaction giv+ rise to a debt incurr$ 9 connection ) ! bus9ess ( l5d+ money or a ?+ ( value4 7#ae7 ,r5tal-pur*ase co/ 7,a7 ,9 g5]al ,= purposes ( sections #ajaj & #ajaa1 ! t]m r5tal-pur*ase co/ means ! sum ( all r5tal paym5ts & m&atory fees or *>ges impos$ by ! m]*ant z a condition ( ent]+ into a r5tal-pur*ase agreem5t or acquir+ own]%ip ( prop]ty "u a r5tal-pur*ase agreem5t1 su* z ! foll[+3 7i7 ,s]vice1 process+1 or adm9i/rative *>ge4 7ii7 ,fee = an inve/igation or cr$it report4 7iii7 ,*>ge = deliv]y requir$ by ! m]*ant4 7,b7 ,exclud$ items ,! foll[+ fees or *>ges %all n be tak5 into acc\nt 9 det]m9+ ! r5tal-pur*ase co/ ) respect to a r5tal-pur*ase transaction3 7i7 ,fees & *>ges prescrib$ by law1 :i* actually are or w be paid to public (ficials or gov]nm5t entities1 su* z sales tax4 7ii7 ,fees & *>ges = optional products & s]vices (f]$ 9 connection ) a r5tal-pur*ase agreem5t4 7#af7 ,/ate ,! t]m ,/ate means any ,/ate ( ! ,unit$ ,/ates1 ! ,di/rict ( ,columbia1 any t]ritory ( ! ,unit$ ,/ates1 ,pu]to ,rico1 ,guam1 ,am]ican ,samoa1 ! ,tru/ ,t]ritory ( ! ,pacific ,isl&s1 ! ,virg9 ,isl&s1 & ! ,nor!rn ,m>iana ,isl&s4 7#ag7 ,total co/ ,! t]m total co/ means ! sum ( ! initial paym5t & all p]iodic paym5ts 9 ! paym5t s*$ule to be paid by ! consum] to acquire own]%ip ( ! prop]ty t is ! subject ( ! r5tal-pur*ase agreem5t4 #ajjb4 ,exempt$ transactions ,?is title %all n apply to r5tal-pur*ase agreem5ts prim>ily = bus9ess1 comm]cial1 or agricultural purposes1 or ^? made ) ,gov]nm5t ag5cies or in/rum5talities4 #ajjc4 ,g5]al disclosure requirem5ts 7a7 ,recipi5t ( disclosure ,a m]*ant %all disclose to any p]son :o w be a signatory to a r5tal-pur*ase agreem5t ! in=mation requir$ by sections #ajjd & #ajje4 7b7 ,tim+ ( disclosure ,! disclosures requir$ "u sections #ajjd & #ajje %all be made be=e ! consummation ( ! r5tal-pur*ase agreem5t & cle>ly & conspicu\sly 9 writ+ z "p ( ! r5tal-pur*ase agreem5t to be sign$ by ! consum]4 7c7 ,cle>ly & conspicu\sly ,z us$ 9 ?is section1 ! t]m cle>ly & conspicu\sly means t in=mation requir$ to be disclos$ to ! consum] %all be word$ pla9ly & simply1 & appe> 9 a type size1 prom95ce1 & location z to be readily noticeable1 readable1 & compreh5sible to an ord9>y consum]4 #ajjd4 ,r5tal-pur*ase disclosures 7a7 ,9 g5]al ,= ea* r5tal-pur*ase agreem5t1 ! m]*ant %all disclose to ! consum] ! foll[+1 to ! ext5t applicable3 7#a7 ,! date ( ! consummation ( ! r5tal-pur*ase transaction & ! id5tities ( ! m]*ant & ! consum]4 7#b7 ,a brief description ( ! r5tal prop]ty1 :i* %all be suffici5t to id5tify ! prop]ty to ! consum]1 includ+ an id5tification or s]ial numb]1 if applicable1 & a /atem5t indicat+ :e!r ! prop]ty is new or us$4 7#c7 ,a description ( any fee1 *>ge or p5alty1 9 addition to ! p]iodic paym5t1 t ! consum] may be requir$ to pay "u ! agreem5t1 :i* %all be sep>ately id5tifi$ by type & am\nt4 7#d7 ,a cle> & conspicu\s /atem5t t ! transaction is a r5tal-pur*ase agreem5t & t ! consum] w n obta9 own]%ip ( ! prop]ty until ! consum] has paid ! total doll> am\nt necess>y to acquire own]%ip4 7#e7 ,! am\nt ( any initial paym5t1 :i* includes ! fir/ p]iodic paym5t1 & ! total am\nt ( any fees1 taxes1 or o!r *>ges1 requir$ to be paid by ! consum]4 7#f7 ,! am\nt ( ! ca% price ( ! prop]ty t is ! subject ( ! r5tal-pur*ase agreem5t1 &1 if ! agreem5t involves ! r5tal ( #b or m items z a set 7z may be def9$ by ! ,bo>d 9 regulation7 a /atem5t ( ! aggregate ca% price ( all items %all satisfy ?is requirem5t4 7#g7 ,! am\nt & tim+ ( p]iodic paym5ts1 & ! total numb] ( p]iodic paym5ts necess>y to acquire own]%ip ( ! prop]ty "u ! r5tal-pur*ase agreem5t4 7#h7 ,! total co/1 us+ t t]m1 & a brief description1 su* z ,?is is ! am\nt y w pay ! m]*ant if y make all p]iodic paym5ts to acquire own]%ip ( ! prop]ty44 7#i7 ,a /atem5t ( ! consum]'s "r to t]m9ate ! agreem5t )\t pay+ any fee or *>ge n previ\sly due "u ! agreem5t by volunt>ily surr5d]+ or return+ ! prop]ty 9 good repair ^u expiration ( any lease t]m4 7#aj7 ,sub/antially ! foll[+ /atem5t3 ,,o!r ,,important ,,t]ms3 ,see y\r r5tal-pur*ase agreem5t = additional important in=mation on e>ly t]m9ation proc$ures1 pur*ase option rights1 responsibilities = loss1 damage or de/ruction ( ! prop]ty1 w>ranties1 ma9t5ance responsibilities1 & o!r *>ges or p5alties y may incur44 7b7 ,=m ( disclosure ,! disclosures requir$ by p>agraphs 7#d7 ?r\gh 7#aj7 ( subsection 7a7 %all be segregat$ f o!r in=mation at ! beg9n+ ( ! r5tal-pur*ase agreem5t & %all conta9 only directly relat$ in=mation1 & %all be id5tifi$ 9 boldface1 upp]case lett]s z foll[s3 ,,important ,,r5tal-,,pur*ase ,,disclosures4 7c7 ,disclosure requirem5ts relat+ to insurance premiums & liability waiv]s 7#a7 ,9 g5]al ,a m]*ant %all cle>ly & conspicu\sly disclose 9 writ+ to ! consum] be=e ! consummation ( a r5tal-pur*ase agreem5t t ! pur*ase ( leas$ prop]ty insurance or liability waiv] cov]age is n requir$ z a condition = ent]+ into ! r5tal-pur*ase agreem5t4 7#b7 ,affirmative writt5 reque/ aft] co/ disclosure ,a m]*ant may provide insurance or liability waiv] cov]age1 directly or indirectly1 9 connection ) a r5tal-pur*ase transaction only if-- 7,a7 ! m]*ant cle>ly & conspicu\sly discloses to ! consum] ! co/ ( ea* compon5t ( su* cov]age be=e ! consummation ( ! r5tal-pur*ase agreem5t2 & 7,b7 ! consum] signs an affirmative writt5 reque/ = su* cov]age aft] receiv+ ! disclosures requir$ "u subp>agraph 7,a7 ( ?is p>agraph & p>agraph 7#a74 7d7 ,accuracy ( disclosure 7#a7 ,9 g5]al ,! disclosures requir$ to be made "u subsection 7a7 %all be accurate z ( ! date ! disclosures are made1 bas$ on ! in=mation available to ! m]*ant4 7#b7 ,in=mation subsequ5tly r5d]$ inaccurate ,if in=mation requir$ to be disclos$ "u subsection 7a7 is subsequ5tly r5d]$ inaccurate z a result ( any agreem5t betwe5 ! m]*ant & ! consum] subsequ5t to ! deliv]y ( ! requir$ disclosures1 ! result+ inaccuracy %all n con/itute a violation ( ?is title4 #ajje4 ,o!r agreem5t provisions 7a7 ,9 g5]al ,ea* r5tal-pur*ase agreem5t %all-- 7#a7 provide a /atem5t specify+ :e!r ! m]*ant or ! consum] is responsible = loss1 !ft1 damage1 or de/ruction ( ! prop]ty2 7#b7 provide a /atem5t specify+ :e!r ! m]*ant or ! consum] is responsible = ma9ta9+ or s]vic+ ! prop]ty1 toge!r ) a brief description ( ! responsibility2 7#c7 provide t ! consum] may t]m9ate ! agreem5t )\t pay+ any *>ges n previ\sly due "u ! agreem5t by volunt>ily surr5d]+ or return+ ! prop]ty t is ! subject ( ! agreem5t ^u expiration ( any r5tal p]iod2 7#d7 conta9 a provision = re9/atem5t ( ! agreem5t1 :i* at a m9imum-- 7,a7 p]mits a consum] :o fails to make a timely r5tal paym5t to re9/ate ! agreem5t1 )\t los+ any rights or options :i* exi/ "u ! agreem5t1 by ! paym5t ( all pa/ due r5tal paym5ts & any o!r *>ges !n due "u ! agreem5t & a paym5t = ! next r5tal p]iod )9 #g bus9ess days aft] fail+ to make a timely r5tal paym5t if ! consum] pays mon?ly1 or )9 #c bus9ess days aft] fail+ to make a timely r5tal paym5t if ! consum] pays m frequ5tly ?an mon?ly2 7,b7 if ! consum] returns or volunt>ily surr5d]s ! prop]ty cov]$ by ! agreem5t1 o!r ?an ?r\gh judicial process1 dur+ ! applicable re9/atem5t p]iod set =? 9 subp>agraph 7,a71 p]mits ! consum] to re9/ate ! agreem5t dur+ a p]iod ( at lea/ #fj days aft] ! date ( ! return or surr5d] ( ! prop]ty by ! paym5t ( all am\nts previ\sly due "u ! agreem5t1 any applicable fees1 & a paym5t = ! next r5tal p]iod2 7,c7 if ! consum] has paid #ej p]c5t or m ( ! total co/ necess>y to acquire own]%ip & returns or volunt>ily surr5d]s ! prop]ty1 o!r ?an ?r\gh judicial process1 dur+ ! applicable re9/atem5t p]iod set =? 9 subp>agraph 7,a71 p]mits ! consum] to re9/ate ! agreem5t dur+ a p]iod ( at lea/ #abj days aft] ! date ( ! return ( ! prop]ty by ! paym5t ( all am\nts previ\sly due "u ! agreem5t1 any applicable fees1 & a paym5t = ! next r5tal p]iod2 & 7,d7 p]mits ! consum]1 ^u re9/atem5t ( ! agreem5t to receive ! same prop]ty1 if available1 t 0 ! subject ( ! r5tal-pur*ase agreem5t1 or if ! same prop]ty is n available1 a sub/itute item ( comp>able quality & condition may be provid$ to ! consum]2 except t1 ! ,bo>d may1 by regulation or ord]1 exempt any indep5d5t small bus9ess 7z def9$ by ! ,bo>d by regulation7 f ! requirem5t ( provid+ ! same or comp>able product dur+ ! ext5d$ re9/atem5t p]iod provid$ 9 subp>agraph 7,c71 if ! ,bo>d det]m9es1 tak+ into acc\nt su* /&>ds z ! ,bo>d det]m9es to be appropriate1 t ! re9/atem5t "r provid$ 9 su* subp>agraph w\ld provide excessive h>d%ip = su* indep5d5t small bus9ess2 7#e7 provide a /atem5t specify+ ! t]ms "u :i* ! consum] %all acquire own]%ip ( ! prop]ty t is ! subject ( ! r5tal-pur*ase agreem5t ei!r by paym5t ( ! total co/ to acquire own]%ip1 z provid$ 9 section #ajjf1 or by ex]cise ( any e>ly pur*ase option provid$ 9 ! r5tal-pur*ase agreem5t2 7#f7 provide a /atem5t disclos+ t if any "p ( a manufactur]'s express w>ranty cov]s ! prop]ty at ! "t ! consum] acquires own]%ip ( ! prop]ty1 ! w>ranty w be transf]r$ to ! consum] if all[$ by ! t]ms ( ! w>ranty2 & 7#g7 provide1 to ! ext5t applicable1 a description ( any grace p]iod = mak+ any p]iodic paym5t1 ! am\nt ( any security deposit1 if any1 to be paid by ! consum] ^u initiation ( ! r5tal-pur*ase agreem5t1 & ! t]ms = refund ( su* security deposit to ! consum] ^u return1 surr5d] or pur*ase ( ! prop]ty4 7b7 ,repossession dur+ re9/atem5t p]iod ,subsection 7a77#d7 %all n be con/ru$ s z to prev5t a m]*ant f attempt+ to repossess prop]ty dur+ ! re9/atem5t p]iod pursuant to subsection 7a77#d77;,a71 b su* a repossession does n affect ! consum]'s "r to re9/ate4 #ajjf4 ,"r to acquire own]%ip 7a7 ,9 g5]al ,! consum] %all acquire own]%ip ( ! prop]ty t is ! subject ( ! r5tal-pur*ase agreem5t1 & ! r5tal-pur*ase agreem5t %all t]m9ate1 ^u compliance by ! consum] ) ! requirem5ts ( subsection 7b7 or any e>ly paym5t option provid$ 9 ! r5tal pur*ase agreem5t1 & ^u paym5t ( any pa/ due paym5ts & fees1 z p]mitt$ 9 regulation by ! ,bo>d4 7b7 ,paym5t ( total co/ ,! consum] %all acquire own]%ip ( ! r5tal prop]ty ^u paym5t ( ! total co/ ( ! r5tal-pur*ase agreem5t1 z su* t]m is def9$ 9 section #ajja7ag71 & z disclos$ to ! consum] 9 ! r5tal-pur*ase agreem5t pursuant to section #ajjd7;a74 7c7 ,additional fees prohibit$ ,a m]*ant %all n require ! consum] to pay1 z a condition = acquir+ own]%ip ( ! prop]ty t is ! subject ( ! r5tal-pur*ase agreem5t1 any fee or *>ge 9 addition to1 or 9 excess (1 ! regul> p]iodic paym5ts requir$ by subsection 7b71 or any e>ly pur*ase option am\nt provid$ 9 ! r5tal-pur*ase agreem5t1 z applicable4 ,a requirem5t t ! consum] pay an unpaid late *>ge or o!r fee or *>ge :i* ! m]*ant has previ\sly bill$ to ! consum] %all n con/itute an additional fee or *>ge = purposes ( ?is subsection4 7d7 ,transf] ( own]%ip rights ,^u paym5t by ! consum] ( all paym5ts necess>y to acquire own]%ip "u subsection 7b7 or any e>ly pur*ase option am\nt provid$ 9 ! r5tal-pur*ase agreem5t1 z appropriate1 ! m]*ant %all-- 7#a7 deliv]1 or mail to ! consum]'s la/ kn[n address1 su* docum5ts or o!r in/rum5ts1 :i* ! ,bo>d has det]m9$ by regulation1 are necess>y to ackn[l$ge full own]%ip by ! consum] ( ! prop]ty acquir$ pursuant to ! r5tal-pur*ase agreem5t2 & 7#b7 transf] to ! consum] ! unexpir$ portion ( any w>ranties provid$ by ! manufactur]1 di/ributor1 or sell] ( ! prop]ty1 :i* %all apply z if ! consum] 7 ! orig9al pur*as] ( ! prop]ty1 except :]e su* transf] is prohibit$ by ! t]ms ( ! w>ranty4 #ajjg4 ,prohibit$ provisions ,a r5tal-pur*ase agreem5t may n conta9-- 7#a7 a confession ( judgm5t2 7#b7 a negotiable in/rum5t2 7#c7 a security int]e/ or any o!r claim ( a prop]ty int]e/ 9 any goods1 except ^? goods ! use ( :i* is provid$ by ! m]*ant pursuant to ! agreem5t2 7#d7 a wage assignm5t2 7#e7 a provision requir+ ! waiv] ( any legal claim or rem$y creat$ by ?is title or o!r provision ( ,f$]al or ,/ate law2 7#f7 a provision requir+ ! consum]1 9 ! ev5t ! prop]ty subject to ! r5tal-pur*ase agreem5t is lo/1 /ol51 damag$1 or de/roy$1 to pay an am\nt 9 excess ( ! lea/ (-- 7,a7 ! fair m>ket value ( ! prop]ty1 z det]m9$ by ! ,bo>d 9 regulation2 7,b7 any e>ly pur*ase option am\nt provid$ 9 ! r5tal-pur*ase agreem5t2 or 7,c7 ! actual co/ ( repair1 z appropriate2 7#g7 a provision au?oriz+ ! m]*ant1 or a p]son act+ on behalf ( ! m]*ant1 to ent] ! consum]'s dwell+ or o!r premises )\t obta9+ ! consum]'s cons5t or to commit any brea* ( ! peace 9 connection ) ! repossession ( ! r5tal prop]ty or ! collection ( any obligation or alleg$ obligation ( ! consum] aris+ out ( ! r5tal-pur*ase agreem5t2 7#h7 a provision requir+ ! pur*ase ( insurance or liability damage waiv] to cov] ! prop]ty t is ! subject ( ! r5tal-pur*ase agreem5t1 except z p]mitt$ by ! ,bo>d 9 regulation2 7#i7 a provision requir+ ! consum] to pay m ?an #a late fee or *>ge = an unpaid or del9qu5t p]iodic paym5t1 reg>dless ( ! p]iod 9 :i* ! paym5t rema9s unpaid or del9qu5t1 or to pay a late fee or *>ge = any p]iodic paym5t because a previ\sly assess$ late fee has n be5 paid 9 full4 #ajjh4 ,/atem5t ( acc\nts ,^u reque/ ( a consum]1 a m]*ant %all provide a /atem5t ( ! consum]'s acc\nt4 ,if a consum] reque/s a /atem5t = an individual acc\nt m ?an #d times 9 any #ab-mon? p]iod1 ! m]*ant may *>ge a reasonable fee = ! additional /atem5ts4 #ajji4 ,r5egotiations & ext5sions 7a7 ,r5egotiations ,a r5egotiation occurs :5 a r5tal-pur*ase agreem5t is satisfi$ & replac$ by a new agreem5t und]tak5 by ! same consum]4 ,a r5egotiation requires new disclosures1 except z provid$ 9 subsection 7c74 7b7 ,ext5sions ,an ext5sion is an agreem5t by ! consum] & ! m]*ant1 to cont9ue an exi/+ r5tal-pur*ase agreem5t beyond ! orig9al end ( ! paym5t s*$ule1 b does n include a cont9uation t is ! result ( a r5egotiation4 7c7 ,exceptions ,new disclosures are n requir$ = ! foll[+1 ev5 if !y meet ! def9ition ( a r5egotiation or an ext5sion3 7#a7 ,a r$uction 9 paym5ts4 7#b7 ,a def]m5t ( #a or m paym5ts4 7#c7 ,! ext5sion ( a r5tal-pur*ase agreem5t4 7#d7 ,! sub/itution ( prop]ty ) prop]ty t has a sub/antially equival5t or great] economic value provid$ ! r5tal-pur*ase co/ does n increase4 7#e7 ,! deletion ( prop]ty 9 a multiple-item agreem5t4 7#f7 ,a *ange 9 r5tal p]iod provid$ ! r5tal-pur*ase co/ does n increase4 7#g7 ,an agreem5t result+ f a c\rt proce$+4 7#h7 ,any o!r ev5t describ$ 9 regulations prescrib$ by ! ,bo>d4 #ajaj4 ,po9t-(-r5tal disclosures 7a7 ,9 g5]al ,= any item ( prop]ty or set ( items display$ or (f]$ = r5tal-pur*ase1 ! m]*ant %all display on or next to ! item or set ( items a c>d1 tag1 or label t cle>ly & conspicu\sly discloses ! foll[+3 7#a7 ,a brief description ( ! prop]ty4 7#b7 ,:e!r ! prop]ty is new or us$4 7#c7 ,! ca% price ( ! prop]ty4 7#d7 ,! am\nt ( ea* r5tal paym5t4 7#e7 ,! total numb] ( r5tal paym5ts necess>y to acquire own]%ip ( ! prop]ty4 7#f7 ,! r5tal-pur*ase co/4 7b7 ,=m ( disclosure 7#a7 ,9 g5]al ,a m]*ant may make ! disclosure requir$ by subsection 7a7 9 ! =m ( a li/ or catalog :i* is readily available to ! consum] at ! po9t ( r5tal if ! m]*&ise is n display$ 9 ! m]*ant's %[room or if display+ a c>d1 tag1 or label w\ld be impractical due to ! size ( ! m]*&ise4 7#b7 ,cle>ly & conspicu\sly ,z us$ 9 ?is section1 ! t]m cle>ly & conspicu\sly means t in=mation requir$ to be disclos$ to ! consum] %all appe> 9 a type size1 prom95ce1 & location z to be noticeable1 readable1 & compreh5sible to an ord9>y consum]4 #ajaa4 ,r5tal-pur*ase adv]tis+ 7a7 ,9 g5]al ,if an adv]tisem5t = a r5tal-pur*ase transaction ref]s to or /ates ! am\nt ( any paym5t = any specific item or set ( items1 ! m]*ant mak+ ! adv]tisem5t %all also cle>ly & conspicu\sly /ate 9 ! adv]tisem5t ! foll[+ = ! item1 or set ( items1 adv]tis$3 7#a7 ,! transaction adv]tis$ is a r5tal-pur*ase agreem5t4 7#b7 ,! am\nt1 tim+1 & total numb] ( r5tal paym5ts necess>y to acquire own]%ip "u ! r5tal-pur*ase agreem5t4 7#c7 ,! am\nt ( ! r5tal-pur*ase co/4 7#d7 ,to acquire own]%ip ( ! prop]ty ! consum] mu/ pay ! r5tal-pur*ase co/ plus applicable taxes4 7#e7 ,:e!r ! /at$ paym5t am\nt & adv]tis$ r5tal-pur*ase co/ is = new or us$ prop]ty4 7b7 ,prohibition ,an adv]tisem5t = a r5tal-pur*ase agreem5t %all n /ate or imply t a specific item1 or set ( items1 is available at specific am\nts or t]ms unless ! m]*ant usually & cu/om>ily (f]s1 or w (f]1 ! item or set ( items at ! /at$ am\nts or t]ms4 7c7 ,cle>ly & conspicu\sly 7#a7 ,9 g5]al ,= purposes ( ?is section1 ! t]m cle>ly & conspicu\sly means t requir$ disclosures %all be pres5t$ 9 a type1 size1 %ade1 contra/1 prom95ce1 location1 & mann]1 z applicable to diff]5t m$iums = adv]tis+1 s z to be readily noticeable & compreh5sible to ! ord9>y consum]4 7#b7 ,regulatory guidance ,! ,bo>d %all prescribe regulations on pr9ciples & factors to meet ! cle> & conspicu\s /&>d z appropriate to pr9t1 video1 audio1 & comput]iz$ adv]tis+1 reflect+ ! pr9ciples & factors typically appli$ 9 ea* m$ium by ! ,f$]al ,trade ,commission4 7#c7 ,limitation ,no?+ contr>y to1 inconsi/5t )1 or 9 mitigation (1 ! requir$ disclosures %all be us$ 9 any adv]tisem5t 9 any m$ium1 & no audio1 video1 or pr9t te*nique %all be us$ t is likely to obscure or detract significantly f ! communication ( ! disclosures4 #ajab4 ,civil liability 7a7 ,9 g5]al ,except z o!rwise provid$ 9 section #ajac1 any m]*ant :o fails to comply ) any requirem5t ( ?is title ) respect to any consum] is liable to su* consum] z provid$ = leases 9 section #acj4 ,= purposes ( ?is section1 ! t]m cr$itor z us$ 9 section #acj %all include a m]*ant1 z def9$ 9 section #ajja4 7b7 ,jurisdiction ( c\rts2 limitation on actions 7#a7 ,9 g5]al ,not)/&+ section #acj7;e71 any action "u ?is section may be br\ght 9 any ,unit$ ,/ates di/rict c\rt1 or 9 any o!r c\rt ( compet5t jurisdiction1 be=e ! end ( ! #a-ye> p]iod beg9n+ on ! date ! la/ paym5t 0 made by ! consum] "u ! r5tal-pur*ase agreem5t4 7#b7 ,rec\pm5t or set-(f ,?is subsection %all n b> a consum] f ass]t+ a violation ( ?is title 9 an action to collect an obligation aris+ f a r5tal-pur*ase agreem5t1 :i* 0 br\ght aft] ! end ( ! #a-ye> p]iod describ$ 9 p>agraph 7#a7 z a matt] ( def5se by rec\pm5t or set-(f 9 su* action1 except z o!rwise provid$ by ,/ate law4 #ajac4 ,additional gr\nds = civil liability 7a7 ,individual cases ) actual damages ,any m]*ant :o fails to comply ) any requirem5ts impos$ "u section #ajaj or #ajaa ) respect to any consum] :o suff]s actual damage f ! violation %all be liable to su* consum] z provid$ 9 section #acj4 7b7 ,patt]n or practice ( violations ,if a m]*ant engages 9 a patt]n or practice ( violat+ any requirem5t impos$ "u section #ajaj or #ajaa1 ! ,f$]al ,trade ,commission or an appropriate ,/ate attorney g5]al1 9 accordance ) section #ajaf1 may initiate an action to en=ce sanctions aga9/ ! m]*ant1 includ+-- 7#a7 an ord] to cease & desi/ f su* practices2 & 7#b7 a civil money p5alty ( su* am\nt z ! c\rt may impose1 bas$ on su* factors z ! c\rt may det]m9e to be appropriate4 #ajad4 ,liability ( assignees 7a7 ,assignees includ$ ,= purposes ( section #ajac1 & ?is section1 ! t]m m]*ant includes an assignee ( a m]*ant4 7b7 ,liabilities ( assignees 7#a7 ,app>5t violation ,an action "u section #ajab or #ajac = a violation ( ?is title may be br\ght aga9/ an assignee only if ! violation is app>5t on ! face ( ! r5tal-pur*ase agreem5t to :i* x relates4 7#b7 ,app>5t violation def9$ ,= purposes ( ?is subsection1 a violation t is app>5t on ! face ( a r5tal-pur*ase agreem5t includes1 b is n limit$ to1 a disclosure t c be det]m9$ to be incomplete or inaccurate f ! face ( ! agreem5t4 7#c7 ,involunt>y assignm5t ,an assignee has no liability 9 a case 9 :i* ! assignm5t is involunt>y4 7#d7 ,rule ( con/ruction ,no provision ( ?is section %all be con/ru$ z limit+ or alt]+ ! liability "u section #ajab or #ajac ( a m]*ant assign+ a r5tal-pur*ase agreem5t4 7c7 ,pro( ( disclosure ,9 an action by or aga9/ an assignee1 ! consum]'s writt5 ackn[l$gm5t ( receipt ( a disclosure1 made z "p ( ! r5tal-pur*ase agreem5t1 %all be conclusive pro( t ! disclosure 0 made1 if ! assignee _h no k t ! disclosure _h n be5 made :5 ! assignee acquir$ ! r5tal-pur*ase agreem5t to :i* x relates4 #ajae4 ,regulations 7a7 ,9 g5]al ,! ,bo>d %all prescribe regulations z necess>y to c>ry out ! purposes ( ?is title1 to prev5t its circumv5tion1 & to facilitate compliance ) its requirem5ts4 7b7 ,model disclosure =ms ,! ,bo>d may publi% model disclosure =ms & clauses = common r5tal-pur*ase agreem5ts to facilitate compliance ) ! disclosure requirem5ts ( ?is title & to aid ! consum] 9 und]/&+ ! transaction by utiliz+ readily und]/&able language to simplify ! te*nical nature ( ! disclosures4 ,9 devis+ su* =ms1 ! ,bo>d %all consid] ! use by m]*ants ( data process+ or simil> automat$ equipm5t4 ,no?+ 9 ?is title may be con/ru$ to require a m]*ant to use any su* model =m or clause prescrib$ by ! ,bo>d "u ?is section4 ,a m]*ant %all be deem$ to be 9 compliance ) ! requirem5t to provide disclosure "u section #ajjc7;a7 if ! m]*ant-- 7#a7 uses any appropriate model =m or clause z publi%$ by ! ,bo>d2 or 7#b7 uses any su* model =m or clause & *anges x by-- 7,a7 delet+ any in=mation :i* is n requir$ by ?is title2 or 7,b7 re>rang+ ! =mat1 if 9 mak+ su* deletion or re>rang+ ! =mat1 ! m]*ant does n affect ! sub/ance1 cl>ity1 or mean+ful sequ5ce ( ! disclosure4 7c7 ,effective date ( regulations ,any regulation prescrib$ by ! ,bo>d1 or any am5dm5t or int]pretation !re(1 %all n be effective be=e ! ,octob] #a t foll[s ! date ( publication ( ! regulation 9 f9al =m by at lea/ #f mon?s4 ,! ,bo>d may at its discretion l5g!n t p]iod ( "t to p]mit m]*ants to adju/ to accommodate new requirem5ts4 ,! ,bo>d may also %ort5 t p]iod ( "t1 not)/&+ ! fir/ s5t5ce1 if x makes a specific f9d+ t su* action is necess>y to comply ) ! f9d+s ( a c\rt or to prev5t unfair or deceptive practices4 ,9 any case1 m]*ants may comply ) any newly prescrib$ disclosure requirem5t prior to its effective date4 #ajaf4 ,en=cem5t 7a7 ,f$]al en=cem5t ,compliance ) ! requirem5ts impos$ "u ?is title %all be en=c$ "u ! ,f$]al ,trade ,commission ,act 7#ae ,u4,s4,c4 #da et seq471 & a violation ( any requirem5ts impos$ "u ?is title %all be deem$ a violation ( a requirem5t impos$ "u t ,act4 ,all ( ! functions & p[]s ( ! ,f$]al ,trade ,commission "u ! ,f$]al ,trade ,commission ,act are available to ! ,commission to en=ce compliance by any p]son ) ! requirem5ts ( ?is title1 irrespective ( :e!r t p]son is engag$ 9 comm]ce or meets any o!r jurisdictional te/ 9 ! ,f$]al ,trade ,commission ,act4 7b7 ,/ate en=cem5t 7#a7 ,9 g5]al ,an action to en=ce ! requirem5ts impos$ by ?is title may also be br\ght by ! appropriate ,/ate attorney g5]al 9 any appropriate ,unit$ ,/ates di/rict c\rt1 or any o!r c\rt ( compet5t jurisdiction4 7#b7 ,prior writt5 notice 7,a7 ,9 g5]al ,! ,/ate attorney g5]al %all provide prior writt5 notice ( any su* civil action to ! ,f$]al ,trade ,commission & %all provide ! ,commission ) a copy ( ! compla9t4 7,b7 ,em]g5cy action ,if prior notice is n feasible1 ! ,/ate attorney g5]al %all provide notice to ! ,commission imm$iately ^u in/itut+ ! action4 7#c7 ,,ftc int]v5tion ,! ,commission may-- 7,a7 int]v5e 9 ! action2 7,b7 ^u int]v5+-- 7i7 remove ! action to ! appropriate ,unit$ ,/ates di/rict c\rt1 if x 0 n orig9ally br\ght !re2 & 7ii7 be he>d on all matt]s aris+ 9 ! action2 & 7,c7 file a petition = appeal4 #ajag4 ,crim9al liability = willful & kn[+ violation ,:oev] willfully & kn[+ly gives false or inaccurate in=mation or fails to provide in=mation :i* he is requir$ to disclose "u ! provisions ( ?is title or any regulation issu$ !reund] %all be subject to ! p5alty provisions z provid$ 9 section #aab4 #ajah4 ,relation to o!r laws 7a7 ,relation to ,/ate law 7#a7 ,no effect on consi/5t ,/ate laws ,except z o!rwise provid$ 9 subsection 7b71 ?is title does n annul1 alt]1 or affect 9 any mann] ! mean+1 scope or applicability ( ! laws ( any ,/ate relat+ to r5tal-pur*ase agreem5ts1 except to ! ext5t ^? laws are inconsi/5t ) any provision ( ?is title1 & !n only to ! ext5t ( ! inconsi/5cy4 7#b7 ,det]m9ation ( inconsi/5cy ,^u its own motion or ^u ! reque/ ( an int]e/$ p>ty1 :i* is submitt$ 9 accordance ) proc$ures prescrib$ 9 regulations ( ! ,bo>d1 ! ,bo>d %all det]m9e :e!r any su* inconsi/5cy exi/s4 ,if ! ,bo>d det]m9es t a t]m or provision ( a ,/ate law is inconsi/5t1 m]*ants locat$ 9 t ,/ate ne$ n foll[ su* t]m or provision & %all incur no liability "u ! law ( t ,/ate = failure to foll[ su* t]m or provision1 not)/&+ t su* det]m9ation is subsequ5tly am5d$1 resc9d$1 or det]m9$ by judicial or o!r au?ority to be invalid = any reason4 7#c7 ,great] protection "u ,/ate law ,except z provid$ 9 subsection 7b71 = purposes ( ?is section1 a t]m or provision ( a ,/ate law is n inconsi/5t ) ! provisions ( ?is title if ! t]m or provision af=ds great] protection & b5efit to ! consum] ?an ! protection & b5efit provid$ "u ?is title z det]m9$ by ! ,bo>d1 on its own motion or ^u ! petition ( any int]e/$ p>ty4 7b7 ,/ate laws relat+ to *>act]ization ( transaction ,not)/&+ ! provisions ( subsection 7a71 ?is title %all sup]s$e any ,/ate law to ! ext5t t su* law-- 7#a7 regulates a r5tal-pur*ase agreem5t z a security int]e/1 cr$it sale1 retail in/allm5t sale1 conditional sale or any o!r =m ( consum] cr$it1 or t imputes to a r5tal-pur*ase agreem5t ! creation ( a debt or ext5sion ( cr$it1 or 7#b7 requires ! disclosure ( a p]c5tage rate calculation1 includ+ a "t-price diff]5tial1 an annual p]c5tage rate1 or an effective annual p]c5tage rate4 7c7 ,relation to ,f$]al ,trade ,commission ,act ,no provision ( ?is title %all be con/ru$ z limit+1 sup]s$+1 or o!rwise affect+ ! applicability ( ! ,f$]al ,trade ,commission ,act to any m]*ant or r5tal-pur*ase transaction4 #ajai4 ,effect on ,gov]nm5t ag5cies ,no civil liability or crim9al p5alty "u ?is title may be impos$ on ! ,unit$ ,/ates or any ( its dep>tm5ts or ag5cies1 any ,/ate or political subdivision1 or any ag5cy ( a ,/ate or political subdivision4 #ajbj4 ,compliance date ,compliance ) ?is title %all n be requir$ until #f mon?s aft] ! date ( ! enactm5t ( ! ,consum] ,r5tal ,pur*ase ,agreem5t ,act4 ,9 any case1 m]*ants may comply ) ?is title at any "t aft] su* date ( enactm5t4 4