Rent-to-own News - RTO Bill reaches 100 mark, elections key to sustaining momentum

Eight-term Republican Congressman Ed Royce today bridged a threshold of support for H.R. 1767, the Consumer Rental Purchase Agreement Act.

Rep. Ed Royce

Royce, who serves southern California's 40th Congressional District, Tuesday became the bill's 99th co-sponsor. Including lead sponsor Rep. William Lacy Clay, total U.S. House sponsorship of the bill now stands at 100, a key measure of significance in the House.

Royce is also a critical addition because he serves on the House Committee on Financial Services and the Subcommittee on Financial Institutions and Consumer Credit -- the committees of jurisdiction over H.R. 1767. The bill currently sits in that subcommittee where it awaits a hearing.

"This is a critical juncture that gives our bill a certain level of distinction," says Richard May, APRO public affairs director. "Because he serves on these committees, he has first jurisdiction over our bill and that makes his support all the more important."

Royce is a former co-sponsor and voted for the Act in 2002.

While the bill's current co-sponsors -- the most the legislation has recruited since its introduction in 1993 -- will not carry over into the next legislative session, the current economic climate and calls for regulation on Capitol Hill could play in the bill's favor, May says.

"Given the current economic situation, Congress is going to be looking for legislation that is germane to consumer credit and the regulation thereof," Mays says. "With a history of having 100 sponsors, we have a momentum and timing we have never had before."

Royce is the 37th co-sponsor to sign on to the bill since the conclusion of the 2008 APRO Legislative Conference this February. The APRO 2009 Legislative Conference is slated for April 21-23.

Watch video from the 2008 General Session here.

Upcoming elections will be key in sustaining and building this momentum.

Five of the sponsoring representatives are retiring, one was defeated in the primary elections and one was elected to the Senate. Seven bill supporters are in evenly contested races and the remaining 86 appear to be safe in their re-election bids, May says.

APRO will publish an election review and endorsement guide in upcoming editions of RTO Today.

mevans@rtohq.org