Residential Rent to Own Protection Act This bill establishes requirements regarding residential rent-to-own agreements. The bill requires residential property subject to rent-to-own agreements to comply with applicable state and local habitability laws, prohibits eviction of a purchaser of such an agreement except if ordered in a judicial proceeding, requires public documentation of these agreements, and establishes civil penalties for violations. The Consumer Financial Protection Bureau must promulgate regulations under this bill.
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Timeline
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Finance and Financial Sector
Civil actions and liabilityCongressional oversightConsumer creditContracts and agencyGovernment studies and investigationsHousing finance and home ownershipHousing industry and standardsReal estate business
Residential Rent to Own Protection Act
USA116th CongressS-571| Senate
| Updated: 2/26/2019
Residential Rent to Own Protection Act This bill establishes requirements regarding residential rent-to-own agreements. The bill requires residential property subject to rent-to-own agreements to comply with applicable state and local habitability laws, prohibits eviction of a purchaser of such an agreement except if ordered in a judicial proceeding, requires public documentation of these agreements, and establishes civil penalties for violations. The Consumer Financial Protection Bureau must promulgate regulations under this bill.
Civil actions and liabilityCongressional oversightConsumer creditContracts and agencyGovernment studies and investigationsHousing finance and home ownershipHousing industry and standardsReal estate business