,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #ega  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,febru>y #bf1 #bjai,mr4
 ,m]kley 7= himself & ,ms4 ,smi?7       
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to provide ! ,bureau ( ,consum]
 ,f9ancial ,protection ) ! au?ority to  
regulate l& contracts1 & = o!r purposes4
  #a4 ,%ort title ,?is ,act may be cit$ 
z ! ,resid5tial ,r5t to ,own ,protection
 ,act4  #b4 ,regulation ( l& contracts  
7a7 ,def9itions ,9 ?is section3 7#a7    
,bureau ,! t]m ,bureau means ! ,bureau (
 ,consum] ,f9ancial ,protection4  7#b7  
,cov]$ contract ,! t]m cov]$ contract   
means a l& contract1 contract = de$1    
agreem5t = de$1 r5t to own contract1    
lease pur*ase1 lease option1 hybrid     
lease1 or o!r simil> in/rum5t relat$ to 
a prop]ty locat$ 9 a ,/ate4  7#c7 ,/ate 
,! t]m ,/ate means any ,/ate ( ! ,unit$ 
,/ates1 ! ,di/rict ( ,columbia1 !       
,commonweal? ( ,pu]to ,rico1 ,guam1     

,am]ican ,samoa1 ! ,tru/ ,t]ritory ( !  
,pacific ,isl&s1 ! ,unit$ ,/ates ,virg9 
,isl&s1 ! ,commonweal? ( ! ,nor!rn      
,m>iana ,isl&s1 & any o!r t]ritory or   
possession ( ! ,unit$ ,/ates4  7b7      
,r5tal habitability requirem5t  7#a7 ,9 
g5]al ,any prop]ty t is ! subject ( a   
cov]$ contract %all be ma9ta9$ 9 a      
habitable /ate1 z det]m9$ by applicable 
,/ate & local habitability requirem5ts1 
by ! sell] ( ! prop]ty at all times     
until ! pur*as] ( ! prop]ty--  7,a7 has 
fully paid ! obligations ( ! pur*as] "u 
! cov]$ contract2 &  7,b7 obta9s title  
to ! prop]ty4  7#b7 ,refund rem$y ,if a 
prop]ty t is ! subject ( a cov]$        
contract does n comply ) p>agraph 7#a7--
 7,a7 ! fair r5tal value ( ! prop]ty    
%all be deem$ to be z]o2 &  7,b7 !      
pur*as] ( ! prop]ty %all be entitl$ to a
 refund f ! sell] ( all am\nts paid     
pursuant to ! cov]$ contract = ! p]iod  
dur+ :i* ! prop]ty 0 n habitable4  7c7  
,relief to sell] only available ?r\gh a 
judicial proce$+ ,not)/&+ any o!r       

provision ( law1 ! sell] 9 a cov]$      
contract may t]m9ate ! pur*as]'s "r to  
pur*ase ! prop]ty t is ! subject ( !    
cov]$ contract or "r ( possession only  
^u det]m9ation by a c\rt ( compet5t     
jurisdiction t ! pur*as] is 9 mat]ial   
brea* ( ! contract4  7d7 ,prohibition on
 eviction or ejectm5t  7#a7 ,9 g5]al    
,except z may be ord]$ 9 a judicial     
proce$+1 ! pur*as] 9 a cov]$ contract   
may n be evict$ or o!rwise eject$ f !   
prop]ty t is ! subject ( ! cov]$        
contract4  7#b7 ,damages  7,a7 ,9 g5]al 
,a pur*as] ) respect to a cov]$ contract
 t is t]m9at$ ?r\gh a judicial proce$+  
may br+ a claim or c\nt]claim to en=ce a
 violation ( p>agraph 7#a7 9 a civil    
proce$+4  7,b7 ,am\nt ,if a pur*as]     
describ$ 9 subp>agraph 7,a7 is !        
prevail+ p>ty1 ! c\rt %all aw>d actual  
damages & attorney's fees to ! pur*as]4 
7e7 ,record+ ,n lat] ?an #de days aft] !
 date on :i* a cov]$ contract is sign$1 
! sell] 9 ! cov]$ contract %all record !
 cov]$ contract 9 ! applicable local    

gov]nm5tal (fice t records l& records4  
7f7 ,/ate laws ,no?+ 9 ?is section %all 
be con/ru$ to annul1 alt]1 or affect any
 provision ( ,/ate law if ! protection t
 ! provision ( ,/ate law provides to    
pur*as]s 9 cov]$ contracts is great] ?an
 ! protection provid$ to ^? pur*as]s "u 
?is section4  7g7 ,application ,?is     
section %all n apply to a cov]$ contract
 if-- 7#a7 ! sell] 9 ! cov]$ contract is
 a p]son describ$ 9 section #eja7;c77#c7
 ( ! ,int]nal ,rev5ue ,code ( #aihf = ! 
#c-ye> p]iod be=e ! date on :i* ! sell] 
ent]s into ! cov]$ contract2  7#b7 !    
sale price is n high] ?an ! am\nt !     
sell] paid = ! prop]ty t is ! subject ( 
! cov]$ contract2 &  7#c7 no int]e/ is  
*>g$4  7h7 ,civil p5alty ,a sell] )     
respect to a cov]$ contract t violates !
 requirem5ts ( ?is section %all be      
liable to ! pur*as] 9 ! cov]$ contract 9
 an am\nt equal to--  7#a7 ! great] (-- 
7,a7 ! actual damage caus$ to ! pur*as] 
by reason ( ! violation2 &  7,b7        
#aj1jjj2 &  7#b7 ! co/s ( any civil     

action & attorney's fees4  7i7          
,regulations ,n lat] ?an #a ye> aft] !  
date ( enactm5t ( ?is ,act1 ! ,bureau   
%all promulgate regulations to c>ry out 
?is section4  7j7 ,,gao /udy ,n lat] ?an
 #a ye> aft] ! date ( enactm5t ( ?is    
,act1 ! ,comptroll] ,g5]al ( ! ,unit$   
,/ates %all conduct a /udy & submit to  
,congress a report on--  7#a7 ! size &  
scope ( ! cov]$ contract m>ket2 &  7#b7 
! pr$atory practices occurr+ )9 ! cov]$ 
contract m>ket4