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A bill to amend the Consumer Credit Protection Act to provide for additional requirements for land installment contract transactions.
2/2/2024, 5:15 AM
Summary of Bill S 3720
Bill 118 s 3720, also known as the Land Installment Contract Consumer Protection Act, aims to amend the Consumer Credit Protection Act to impose stricter regulations on land installment contract transactions.
Under this bill, sellers entering into land installment contracts would be required to provide buyers with detailed information about the terms of the contract, including the total cost of the property, the interest rate, and any fees or penalties that may apply. Sellers would also be prohibited from including unfair or deceptive terms in the contract, such as balloon payments or prepayment penalties.
Additionally, the bill would require sellers to provide buyers with a notice of their rights under the contract, including the right to cancel the contract within a certain timeframe without penalty. Sellers would also be required to provide buyers with a disclosure statement outlining the risks and benefits of entering into a land installment contract. Overall, the Land Installment Contract Consumer Protection Act seeks to protect consumers from predatory practices in land installment contracts and ensure that buyers are fully informed about the terms of their agreements.
Under this bill, sellers entering into land installment contracts would be required to provide buyers with detailed information about the terms of the contract, including the total cost of the property, the interest rate, and any fees or penalties that may apply. Sellers would also be prohibited from including unfair or deceptive terms in the contract, such as balloon payments or prepayment penalties.
Additionally, the bill would require sellers to provide buyers with a notice of their rights under the contract, including the right to cancel the contract within a certain timeframe without penalty. Sellers would also be required to provide buyers with a disclosure statement outlining the risks and benefits of entering into a land installment contract. Overall, the Land Installment Contract Consumer Protection Act seeks to protect consumers from predatory practices in land installment contracts and ensure that buyers are fully informed about the terms of their agreements.
Current Status of Bill S 3720
Bill S 3720 is currently in the status of Bill Introduced since February 1, 2024. Bill S 3720 was introduced during Congress 118 and was introduced to the Senate on February 1, 2024. Bill S 3720's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of February 1, 2024
Bipartisan Support of Bill S 3720
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
2Democrat Cosponsors
0Republican Cosponsors
2Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 3720
Primary Policy Focus
Alternate Title(s) of Bill S 3720
A bill to amend the Consumer Credit Protection Act to provide for additional requirements for land installment contract transactions.
A bill to amend the Consumer Credit Protection Act to provide for additional requirements for land installment contract transactions.
Comments
Sponsors and Cosponsors of S 3720
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