Law requiring a seller to disclose information such as the amount of initial payment, number of monthly payments, total amount for fees, penalties for default, etc. before you sign the lease.
Requires the leasing company (for example, a dealership), to disclose certain information before a lease is signed, including: The total amount of the initial payment The number and amounts of monthly payments All fees charged The charges for default or late payments For vehicle leases, the lessor must also disclose: The annual mileage allowance Charges for excess mileage Whether the lease can be ended early Whether the leased vehicle can be purchased at the end of the lease The price to buy at the end of the lease Any extra payments that may be required at the end of the lease
Amended effective Jan. 1, 1998, states that lessors must provide uniform cost and disclosures about consumer lease transactions. Implemented by Regulation M.
The Consumer Leasing Act requires disclosure of information that helps consumers compare the cost and terms of various leases and the cost and terms of buying on credit versus cash. The Act does not apply to real estate leases or to leases of four months or less.
A 1976 amendment to the Truth in Lending Act that requires disclosure of the cost and terms of consumer leases and also places substantive restrictions on consumer leases. See Consumer lease.
A federal law requiring leasing companies to spell out lease costs and terms in a standard way.
a federal statute providing requirements for meaningful disclosure of lease terms and conditions in a prescribed way. The Act applies to leases with a minimum rental period of four months.
A Federal Reserve Board regulation that requires lessors to disclose all leasing costs Read more
A federal law passed in 1976 and amended in 1996 that spells out the requirements for disclosure of leasing costs and terms. Generally, the law covers vehicles leased for personal or family use; for periods in excess of four months; and for a total contractual obligation of less than $25,000. The Federal Reserve Board publishes a consumer guide to leasing that covers the leasing plans covered by the act.
A federal law passed in 1976 and amended in 1996 that made specific requirements for the way leasing costs and terms must be disclosed to customers.
A Federal Reserve Board regulation that requires lessors to disclose all leasing costs. Also known as Regulation M, the Consumer Leasing Act took effect Jan. 1, 1998.
Legislation passed in 1976 requiring lessors to disclose specified information about payment, trade-in allowance, and estimated value of property at the end of the lease.
