Consumer Leasing Act
E1039782
The Consumer Leasing Act is a U.S. federal law that regulates consumer lease agreements for personal property, requiring clear disclosure of terms and costs to protect lessees.
Statements (48)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal law
ⓘ
consumer protection law ⓘ statute ⓘ |
| administeredBy |
Consumer Financial Protection Bureau
NERFINISHED
ⓘ
Federal Reserve Board (historically) NERFINISHED ⓘ |
| aimsToPrevent |
inadequate disclosure of lease costs
ⓘ
misleading or deceptive lease terms ⓘ |
| appliesTo |
consumer leases primarily for personal, family, or household purposes
ⓘ
lessors who regularly engage in consumer leasing ⓘ |
| codifiedIn | Title 15 of the United States Code NERFINISHED ⓘ |
| codifiedSection | 15 U.S.C. §§ 1667–1667f ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| enactedBy | United States Congress ⓘ |
| enforcedBy |
Consumer Financial Protection Bureau
NERFINISHED
ⓘ
federal banking regulators ⓘ state attorneys general (for certain provisions) ⓘ |
| excludes |
leases above a statutory total contractual obligation threshold (subject to periodic adjustment)
ⓘ
leases primarily for business or commercial purposes ⓘ leases to organizations rather than natural persons ⓘ short-term leases below a minimum duration threshold ⓘ |
| jurisdiction |
United States of America
ⓘ
surface form:
United States
|
| language | English ⓘ |
| legalSystem | common law (United States) ⓘ |
| partOf | Truth in Lending Act NERFINISHED ⓘ |
| primaryPurpose |
to ensure meaningful disclosure of lease terms for consumer leases
ⓘ
to protect consumers in lease transactions for personal property ⓘ |
| protects | consumer lessees ⓘ |
| provides |
rights to accurate and timely disclosures before a lease is consummated
ⓘ
statutory damages for certain violations ⓘ |
| regulates |
closed-end consumer leases
ⓘ
consumer lease advertising ⓘ open-end consumer leases ⓘ |
| regulationImplementedBy | Regulation M NERFINISHED ⓘ |
| relatedTo |
Regulation M
NERFINISHED
ⓘ
Truth in Lending Act NERFINISHED ⓘ consumer credit disclosure laws ⓘ |
| requires |
clear disclosure of key lease terms
ⓘ
disclosure of any nonrefundable fees ⓘ disclosure of any required security deposit ⓘ disclosure of conditions under which the lessee may purchase the leased property ⓘ disclosure of mileage limits and excess mileage charges for vehicle leases ⓘ disclosure of payment due dates and number of payments ⓘ disclosure of penalties or charges for early termination ⓘ disclosure of residual value or purchase option price when applicable ⓘ disclosure of the total of payments over the lease term ⓘ disclosure of total amount of periodic payments ⓘ |
| scope | consumer leases of personal property ⓘ |
| subjectMatter | consumer leases of personal property such as motor vehicles ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.