Stephanie Herseth Sandlin: “I am glad that the House is finally considering this bipartisan legislation to establish Federal oversight of the…”

“I am glad that the House is finally considering this bipartisan legislation to establish Federal oversight of the rent-to-own industry. Contrary to what we have heard today, many of my poor constituents, my consumers, have absolutely no access to consumer products without the rent-to-own industry. As we have all heard today, currently there is no Federal oversight or regulation of the rental purchase industry. The lack of a Federal consumer protection statute for this growing industry is inexcusable; it is unconscionable. While H.R. 1701 may not be a perfect piece of legislation, it represents a vast improvement over the inadequate status quo that has been referred to today. According to an April 2000 Federal Trade Commission staff report, the rent-to-own industry serves approximately 3 million Americans and generates nearly $4.5 billion in revenues. It is time for Congress to enact a Federal statute governing this growing industry that will subject rent-to-own merchants to Federal oversight and reasonable minimum standards for contracts and point-of-rental disclosures. By establishing a Federal floor for rental purchase agreements, H.R. 1701 will strengthen consumer protections in 32 States, including the State that I am from in Texas.”