By Adrienne Lu
Inquirer Trenton Bureau

A bill that would allow rent-to-own stores to dramatically hike interest rates was approved by the Assembly Consumer Affairs Committee yesterday.
Supporters of the bill, Assembly Bill 695, to be known as the New Jersey Rental-Purchase Consumer Protection Act, say it will require more detailed contracts, which will protect consumers who rent-to-buy furniture, televisions, computers and appliances, for example.

The bill is sponsored by Assemblywoman L. Grace Spencer (D., Essex) and has 12 cosponsors, including Assembly Speaker Joseph J. Roberts Jr. (D., Camden) and Assemblyman John Burzichelli (D., Gloucester).

Spencer said the bill was intended to regulate the rent-to-own industry to protect consumers.

READ MORE: http://www.philly.com/inquirer/local/nj/20080606_Bill_hiking_rent-to-own_rates_advances.html

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