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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: 15USC1667a]

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

    Each lessor shall give a lessee prior to the consummation of the 
lease a dated written statement on which the lessor and lessee are 
identified setting out accurately and in a clear and conspicuous manner 
the following information with respect to that lease, as applicable:
        (1) A brief description or identification of the leased 
    property;
        (2) The amount of any payment by the lessee required at the 
    inception of the lease;
        (3) The amount paid or payable by the lessee for official fees, 
    registration, certificate of title, or license fees or taxes;
        (4) The amount of other charges payable by the lessee not 
    included in the periodic payments, a description of the charges and 
    that the lessee shall be liable for the differential, if any, 
    between the anticipated fair market value of the leased property and 
    its appraised actual value at the termination of the lease, if the 
    lessee has such liability;
        (5) A statement of the amount or method of determining the 
    amount of any liabilities the lease imposes upon the lessee at the 
    end of the term and whether or not the lessee has the option to 
    purchase the leased property and at what price and time;
        (6) A statement identifying all express warranties and 
    guarantees made by the manufacturer or lessor with respect to the 
    leased property, and identifying the party responsible for 
    maintaining or servicing the leased property together with a 
    description of the responsibility;
        (7) A brief description of insurance provided or paid for by the 
    lessor or required of the lessee, including the types and amounts of 
    the coverages and costs;
        (8) A description of any security interest held or to be 
    retained by the lessor in connection with the lease and a clear 
    identification of the property to which the security interest 
    relates;
        (9) The number, amount, and due dates or periods of payments 
    under the lease and the total amount of such periodic payments;
        (10) Where the lease provides that the lessee shall be liable 
    for the anticipated fair market value of the property on expiration 
    of the lease, the fair market value of the property at the inception 
    of the lease, the aggregate cost of the lease on expiration, and the 
    differential between them; and
        (11) A statement of the conditions under which the lessee or 
    lessor may terminate the lease prior to the end of the term and the 
    amount or method of determining any penalty or other charge for 
    delinquency, default, late payments, or early termination.

The disclosures required under this section may be made in the lease 
contract to be signed by the lessee. The Board may provide by regulation 
that any portion of the information required to be disclosed under this 
section may be given in the form of estimates where the lessor is not in 
a position to know exact information.

(Pub. L. 90-321, title I, Sec. 182, as added Pub. L. 94-240, Sec. 3, 
Mar. 23, 1976, 90 Stat. 258.)

                  Section Referred to in Other Sections

    This section is referred to in section 1667d of this title.