Rent-to-Own stores charge up to 4.5 times retail prices and Ohio law also allows excessive prices and fails to protect consumers says Policy Matters Ohio.
Ohio law could better protect the vulnerable consumers who are drawn to rent-to-own. The regulations here allow for high prices and profits. Although Ohio's law is not particularly strong, most states have similarly lax oversight, and Ohio has some protections that are better than elsewhere.
Many of our lending laws and regulations protect consumers from unscrupulous lenders. For example, there are many statutory safeguards to prevent a lender from foreclosing on a consumer's property without adequate notice and opportunity to cure the default. The new "rent to own" scheme concocted by these hoodlums would sweep aside all of those protections in a moment.
However, William Clay (D-MO) introduces a bill aiding Rent-to-Own companies. The Rent-to-Own industry wants to skip the pesky Federal Truth in Lending Laws enacted to protect citizens from unscrupulous lenders.
Many of our lending laws and regulations protect consumers from unscrupulous lenders. For example, there are many statutory safeguards to prevent a lender from foreclosing on a consumer's property without adequate notice and opportunity to cure the default. The new "rent to own" scheme concocted by these hoodlums would sweep aside all of those protections in a moment.
Dealer Services Corporation (DSC) president John Fuller says his "Ren'T'Own" automobile financing can separate a delinquent "renter" from his beloved car in a New York minuteno sticky consumer-protection laws to slow things down.
Rhett
San Francisco, California
U.S.A.
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