Bill
HB 1859
85(R) - 2017
House Business & Industry
Senate Business & Commerce
House Business & Industry
Senate Business & Commerce
Business, Industry, & Commerce
Consumer Protections
Finance
Vote Recommendation
No
-
Neutral
-
Neutral
-
Negative
-
Negative
-
Neutral
Author(s)
Ron Simmons
Sponsor(s)
Van Taylor
Bill Caption
Relating to certain rental-purchase agreements.
Fiscal Notes
No significant fiscal implication to the State is anticipated.
Bill Analysis
HB 1859 would require additional disclosures to consumers related to the display of merchandise available for lease under a rental-purchase agreement or offered at a place of business that derives at least 50 percent of its revenue from rental-purchase agreements. A merchant would have to disclose the price they would sell the item for on the date of disclosure (as opposed to offering it as rent to own), the amount of periodic payments in a rent to own agreement, and the total number of periodic payments to acquire ownership of the item.
Vote Recommendation Notes
HB 1859 violates our principles of limited government and personal responsibility. Micromanaging these types of disclosures in a retail transaction between a willing buyer and a willing seller is not the proper role of the state. Also, it is the responsibility of a buyer to evaluate for themselves whether it is financially wise to take on a rent to own agreement rather than buying an item outright at the point of sale. For these reasons we oppose HB 1859.