US Laws, Codes, Statutes & Cases

From the U.S. Code Online via GPO Access
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[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 15USC1667]

 
                      TITLE 15--COMMERCE AND TRADE
 
                 CHAPTER 41--CONSUMER CREDIT PROTECTION
 
              SUBCHAPTER I--CONSUMER CREDIT COST DISCLOSURE
 
                         Part E--Consumer Leases
 
Sec. 1667. Definitions

    For purposes of this part--
        (1) The term ``consumer lease'' means a contract in the form of 
    a lease or bailment for the use of personal property by a natural 
    person for a period of time exceeding four months, and for a total 
    contractual obligation not exceeding $25,000, primarily for 
    personal, family, or household purposes, whether or not the lessee 
    has the option to purchase or otherwise become the owner of the 
    property at the expiration of the lease, except that such term shall 
    not include any credit sale as defined in section 1602(g) of this 
    title. Such term does not include a lease for agricultural, 
    business, or commercial purposes, or to a government or governmental 
    agency or instrumentality, or to an organization.
        (2) The term ``lessee'' means a natural person who leases or is 
    offered a consumer lease.
        (3) The term ``lessor'' means a person who is regularly engaged 
    in leasing, offering to lease, or arranging to lease under a 
    consumer lease.
        (4) The term ``personal property'' means any property which is 
    not real property under the laws of the State where situated at the 
    time offered or otherwise made available for lease.
        (5) The terms ``security'' and ``security interest'' mean any 
    interest in property which secures payment or performance of an 
    obligation.

(Pub. L. 90-321, title I, Sec. 181, as added Pub. L. 94-240, Sec. 3, 
Mar. 23, 1976, 90 Stat. 257.)


                             Effective Date

    Section 6 of Pub. L. 94-240 provided that: ``This Act [enacting this 
section and sections 1667a to 1667e of this title, amending sections 
1601 and 1640 of this title, and enacting provisions set out as a note 
under section 1601 of this title] takes effect one year after the date 
of its enactment [Mar. 23, 1976].''

                  Section Referred to in Other Sections

    This section is referred to in section 1631 of this title.