jsonline: Rent-to-own stores could encourage customers to sign agreements thatincluded blank spaces that would be filled in later, under a plan by Gov. Scott Walker coming before a key committee Thursday.
If this is anything, it’s a lesson for voters who put to
much faith into completely unqualified elected officials. These guys couldn't do anything else, so they got into freeloading small government politics.
The following will make you gasp.
The provision is one of several in the Republican governor's 2013-'15 budget bill that would weaken consumer protections for those who shop at rent-to-own stores, such as potentially keeping spouses from learning of contracts they were liable for and preventing state regulators from shutting down stores that intentionally violated disclosure laws.
A liberal Democratic and conservative Republican lawmaker on opposite sides of the overall rent-to-own provision both criticized the blank spaces section in the bill Wednesday, suggesting it might be changed.
"Oh my God, that is a horrendously bad idea," said Rep. Jon Richards (D-Milwaukee), a member of the Legislature's budget committee. "You're asking people to sign a blank check."
Currently, state law requires that a statement appear on rent-to-own contracts and other credit agreements that says, "Do not sign this before you read the writing on the reverse side, even if otherwise advised. Do not sign this if it contains any blank spaces. You are entitled to an exact copy of any agreement you sign." That requirement would go away under Walker's proposal, according to a detailed analysis by the nonpartisan Legislative Fiscal Bureau.
Consumers can wind up paying as much as 500% more than what they would if they bought the products outright with cash, according to the state Department of Financial Institutions.
No comments:
Post a Comment