1. Short title This Act may be cited as the Residential Rent to Own Protection Act . 2. Regulation of land contracts (a) Definitions In this section: (1) Bureau The term Bureau means the Bureau of Consumer Financial Protection. (2) Covered contract The term covered contract means a land contract, contract for deed, agreement for deed, rent to own contract, lease purchase, lease option, hybrid lease, or other similar instrument related to a property located in a State. (3) State The term State means any State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the United States Virgin Islands, the Commonwealth of the Northern Mariana Islands, and any other territory or possession of the United States. (b) Rental habitability requirement (1) In general Any property that is the subject of a covered contract shall be maintained in a habitable state, as determined by applicable State and local habitability requirements, by the seller of the property at all times until the purchaser of the property— (A) has fully paid the obligations of the purchaser under the covered contract; and (B) obtains title to the property. (2) Refund remedy If a property that is the subject of a covered contract does not comply with paragraph (1)— (A) the fair rental value of the property shall be deemed to be zero