S. 3720 aims to amend the Consumer Credit Protection Act to provide more regulations and protections for people involved in land installment contract transactions. These contracts are a type of agreement where someone can buy residential property by paying in installments...
Simple Explanation
The bill wants to make sure people buying a house through special payment plans are treated fairly and protected everywhere in the country. It asks for these deals to be officially recorded, so buyers don't lose their rights and get the same protection no matter where they live.