Connecticut House Bill HB07033

Connecticut 2017 Regular Session

• Introduced: 2/9/17
• Refer: 2/9/17

Caption

An Act Concerning Additional Protections To Retail Buyers In Retail Installment Contracts Or Installment Loan Contracts.

Impact

If enacted, HB07033 would impact existing statutes related to consumer protection within the realm of retail transactions. It repeals and replaces certain provisions within the general statutes, thereby affirming that retail buyers have additional rights and protections that were previously underdefined or overlooked. This change could help reduce instances of predatory lending and improper contract terms that have affected consumers negatively in the past. The implementation of this bill may necessitate adjustments by retail sellers and finance companies in how they manage contracts with consumers, ensuring they comply with the new protective measures.

Summary

House Bill 07033 aims to enhance protections for retail buyers involved in retail installment contracts and installment loan contracts. The bill introduces amendments that are designed to safeguard consumers against unfair practices by sellers and financial institutions. It establishes clearer definitions for key terms associated with the retail installment sales process, which are expected to aid in the interpretation of the law and its enforcement. Overall, the legislation seeks to create a more transparent and fair marketplace for consumers entering into installment agreements.

Contention

While the bill is primarily focused on consumer protection, there may be points of contention regarding how these new regulations could affect retail businesses and lending practices. Critics may argue that the additional protections could lead to increased costs for sellers, which could result in higher prices for consumers, a dilemma in balancing consumer protection with business interests. Stakeholders in the finance and retail sectors may also express concern about the feasibility of complying with the new amendments and the potential for unintended consequences that might arise from the statutory changes proposed by HB07033.