Rent-to-own Legislative Conference set during busy times
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APRO’s 2008 Dave Egan Legislative Conference coming up on February 11-13 in Washington, D.C. will begin during the busy season of the second session of this year’s Congress. U.S. Senate Banking Committee Chairman Chris Dodd has already announced his intentions to overhaul regulation of mortgage finance, among other issues facing the committee. The U.S. Senate Banking Committee is the committee of jurisdiction where the two bills regulating the rent-to-own industry—S. 1012 and S. 1530—are pending action.
S. 1012, sponsored by Senator Mary Landrieu (D-Louisiana), has 21 Senate co-sponsors and is the bill the rent-to-own industry supports. S. 1530, sponsored by Senator Charles Schumer (D-New York) has no co-sponsors and is a bill that would severely limit the rent-to-own industry through price controls. The more than 120 rent-to-own dealers and vendors traveling to Washington, D.C. for the Legislative Conference will ask their U.S. senators to co-sponsor S. 1012 and also to ask U.S. Senate Banking Committee members to hold a hearing and vote in favor of S. 1012.