2013 US Code
Title 15 - Commerce and Trade
Chapter 41 - CONSUMER CREDIT PROTECTION (§§ 1601 - 1693r)
Subchapter I - CONSUMER CREDIT COST DISCLOSURE (§§ 1601 - 1667f)
Part E - Consumer Leases (§§ 1667 - 1667f)
Section 1667f - Regulations
Publication Title | United States Code, 2012 Edition, Supplement 1, Title 15 - COMMERCE AND TRADE |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 15 - COMMERCE AND TRADE CHAPTER 41 - CONSUMER CREDIT PROTECTION SUBCHAPTER I - CONSUMER CREDIT COST DISCLOSURE Part E - Consumer Leases Sec. 1667f - Regulations |
Contains | section 1667f |
Date | 2013 |
Laws in Effect as of Date | January 16, 2014 |
Positive Law | No |
Disposition | standard |
Source Credit | Pub. L. 90-321, title I, §187, as added Pub. L. 104-208, div. A, title II, §2605(b)(1), Sept. 30, 1996, 110 Stat. 3009-471; amended Pub. L. 111-203, title X, §1100A(2), (10), July 21, 2010, 124 Stat. 2107, 2109. |
Statutes at Large References | 110 Stat. 3009-471 124 Stat. 2107 |
Public Law References | Public Law 90-321, Public Law 104-208, Public Law 111-203 |
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The Bureau shall prescribe regulations to update and clarify the requirements and definitions applicable to lease disclosures and contracts, and any other issues specifically related to consumer leasing, to the extent that the Bureau determines such action to be necessary—
(A) to carry out this part;
(B) to prevent any circumvention of this part; or
(C) to facilitate compliance with the requirements of the 1 part.
(2) Classifications, adjustmentsAny regulations prescribed under paragraph (1) may contain classifications and differentiations, and may provide for adjustments and exceptions for any class of transactions, as the Bureau considers appropriate.
(b) Model disclosure (1) PublicationThe Bureau shall establish and publish model disclosure forms to facilitate compliance with the disclosure requirements of this part and to aid the consumer in understanding the transaction to which the subject disclosure form relates.
(2) Use of automated equipmentIn establishing model forms under this subsection, the Bureau shall consider the use by lessors of data processing or similar automated equipment.
(3) Use optionalA lessor may utilize a model disclosure form established by the Bureau under this subsection for purposes of compliance with this part, at the discretion of the lessor.
(4) Effect of useAny lessor who properly uses the material aspects of any model disclosure form established by the Bureau under this subsection shall be deemed to be in compliance with the disclosure requirements to which the form relates.
(Pub. L. 90–321, title I, §187, as added Pub. L. 104–208, div. A, title II, §2605(b)(1), Sept. 30, 1996, 110 Stat. 3009–471; amended Pub. L. 111–203, title X, §1100A(2), (10), July 21, 2010, 124 Stat. 2107, 2109.)
AMENDMENTS2010—Pub. L. 111–203, §1100A(2), (10), substituted "Bureau" for "Board", "the Bureau" for "the Board", and "The Bureau" for "The Board " wherever appearing.
EFFECTIVE DATE OF 2010 AMENDMENTAmendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.
EFFECTIVE DATESection 2605(b)(2) of div. A of Pub. L. 104–208 provided that:
"(A)
"(B)
"(C)
"(D)
"(E)
Section 2605(a) of div. A of Pub. L. 104–208 provided that:
"(1)
"(A) competition among the various financial institutions and other firms engaged in the business of consumer leasing is greatest when there is informed use of leasing;
"(B) the informed use of leasing results from an awareness of the cost of leasing by consumers; and
"(C) there has been a continued trend toward leasing automobiles and other durable goods for consumer use as an alternative to installment credit sales and that leasing product advances have occurred such that lessors have been unable to provide consistent industry-wide disclosures to fully account for the competitive progress that has occurred.
"(2)
"(A) to assure a simple, meaningful disclosure of leasing terms so that the consumer will be able to compare more readily the various leasing terms available to the consumer and avoid the uninformed use of leasing, and to protect the consumer against inaccurate and unfair leasing practices;
"(B) to provide for adequate cost disclosures that reflect the marketplace without impairing competition and the development of new leasing products; and
"(C) to provide the Board with the regulatory authority to assure a simplified, meaningful definition and disclosure of the terms of certain leases of personal property for personal, family, or household purposes so as to—
"(i) enable the lessee to compare more readily the various lease terms available to the lessee;
"(ii) enable comparison of lease terms with credit terms, as appropriate; and
"(iii) assure meaningful and accurate disclosures of lease terms in advertisements."
1 So in original. Probably should be "this".
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