The Broadband Equipment Rental Reform Act would prohibit internet service providers from charging consumers rental fees for equipment like modems and routers once those consumers have already paid the full purchase price of the equipment through monthly rental charges. The bill amends the Communications Act of 1934 and applies to broadband service contracts signed after the bill's enactment. This legislation affects all consumers who rent broadband equipment from their internet providers and would protect them from paying indefinitely for equipment they have already fully paid for through accumulated rental fees. The bill does not include specific funding mechanisms or implementation timelines beyond applying to contracts entered into after enactment. Essentially, it establishes a cap on equipment rental fees by requiring providers to stop charging once a consumer's cumulative rental payments equal the equipment's purchase price.