GOP Resurrects Bill Exempting Rent-To-Own From Consumer Act

Wisconsin Republicans are trying again to exempt rent-to-own businesses from the state’s consumer protection act.

The act requires rent-to-own companies to disclose their interest rates. Rep. Warren Petryk, R-Eleva, and Sen. Terry Moulton, R-Chippewa Falls, began circulating a bill for co-sponsors Tuesday that would create a new section of statutes that apply specifically to the rent-to-own industry.

Under the new language, rental-purchase agreements would have to include the cash price of the property and the total amount of payments needed to acquire ownership.

The new statutes wouldn’t require disclosure of interest rates. They would require disclosure of the difference between the total cost of payments to acquire ownership and the price of the property, however.

Republicans have been trying for years to exempt rent-to-own businesses from the consumer protection act.