SOURCE: ColorTyme


April 20, 2009 15:50 ET

ColorTyme Goes to Washington

Company Shows Strong Support for The Consumer Rental Purchase Agreement Act

WASHINGTON, DC--(Marketwire - April 20, 2009) - ColorTyme, America's oldest rental-purchase franchisor, has turned out in force for the Association of Progressive Rental Organizations' 2009 Dave Egan Legislative Conference scheduled for April 21 - 23 in Washington, D.C. The company has moved its annual Franchise Advisory Council meeting, usually held at its Plano, Texas-headquarters, to Washington for a strong show of support for The Consumer Rental Purchase Agreement Act. The FAC meeting is being held prior to the conference on Monday, April 20 at the Gaylord Hotel, and is being sponsored by The Nationwide Rental Coalition, a group supporting balanced federal regulation of the rent-to-own industry.

"We have over 25 people here, our entire management team and FAC. This is an important Act that provides clarity and certainty for both sides of the rental-purchase transaction," said ColorTyme President and CEO Bob Bloom. "Consumers will benefit from a clear and consistent set of easy-to-understand disclosures, and rental dealers will benefit from the certainty that the rental-purchase transaction will be treated as a lease and not a sale."

The Consumer Rental Purchase Agreement Act, sponsored by the RTO industry, is being reintroduced to the 111th Congress by sponsors, Representative William Lacy Clay and Senator Mary Landrieu, with wide support from members of Congress.

"Legislators would much rather hear from small business owners than big corporations or lobbyists," said Bloom. "That is why we felt it important to bring our franchisees so that our congressional leaders can hear directly from the front lines."

ColorTyme FAC attending members will include Ray Bird, Rhode Island; Scott Brown, Maryland; Mark Childers, Washington State; Eddie Edwards, Virginia; Louis Hall, Pennsylvania; Gary Hughes, Washington State; Richard Pannell, Florida; Ken Schimpf, Ohio; Tom Smith, Maryland; George Wilson, Kansas; Louis Garcia, Maryland; Chris Higgs, Texas. ColorTyme's attending management team will include Bob Bloom, Jim Deering, Amy Woods, Albert Kohut, Thomas Seago and Rhonda Davis.

Bloom also pointed out detail from the bill that he feels will benefit the consumer and entrepreneurs that are considering the RTO industry.

"In this economic environment, the consumer will not only benefit from the Act's regulation of clear and consistent disclosures, but from its substantive rights, such as the generous reinstatement provision. It ensures that consumers will not lose any value if they have to temporarily return an item due to short-term family budget constraints," says Bloom. "Also, the regulatory certainty that the legislation provides will make rental-purchase a more attractive business opportunity for great entrepreneurs. I expect to see increased interest in the ColorTyme franchise opportunity if the legislation becomes law."

About ColorTyme

ColorTyme, Inc., founded in 1979, is America's oldest franchisor of independently owned-and-operated rent-to-own stores. ColorTyme franchisees operate 206 rent-to-own stores in 33 states, and the company's custom-wheels-and-tires franchise brand, RimTyme, operates 24 stores in 11 states. ColorTyme is headquartered in Plano, Texas, and is an independent, wholly owned subsidiary of the largest RTO company in the world, Rent-A-Center (NASDAQ: RCII).

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