Thursday, May 23, 2013

Fill In The Blank: Governor ____________ Walker

Nearly every state in the union regulates Rent-to-Own businesses and imposes healthy fines on them for defrauding consumers.

Unfair business regulation? Hell no.

RTO operations have a dismal history of ripping off unsuspecting customers that make used car salesmen look like saints.

Thanks to giant campaign campaign contributions, Scott Walker has tossed his friends in the RTO business a special bonus built in to his budget that not only rolls back regulations but allows consumer contracts to have blank portions that can be filled in later...after the contract is signed and you are liable under law.

What blanks? Like how much you will pay to take ownership of your TV or couch at the end of the loan because they can now omit extra fees and charges. The interest rate can also be left out.

Why? Because RTO's charge such inflated interest rates that even stone cold dummies can figure out they're being cheated when they see that nice TV they can have today can cost them 7 TIMES the price at Best Buy. What better way to obfuscate that fact if you just allow them to state the purchase price after the poor sucker has already gone home with his new TV.

Caveat emptor, my ass. It's a license to steal brought to you by legislators who are supposed to represent the interests of people - not businesses whose predatory practices are nearly universally rejected in other states.

Republicans have responded to the collective WTF with the comi-tragic excuse of "it was an oversight." Uh huh. Right. More like, "crap, we didn't think you'd notice."