2015 US Code
Title 15 - Commerce and Trade (Sections 1 - 8405)
Chapter 41 - Consumer Credit Protection (Sections 1601 - 1693r)
Subchapter I - Consumer Credit Cost Disclosure (Sections 1601 - 1667f)
Part E - Consumer Leases (Sections 1667 - 1667f)
Sec. 1667 - Definitions
|Publication Title||United States Code, 2012 Edition, Supplement 3, 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. 1667 - Definitions
|Laws In Effect As Of Date||January 3, 2016|
|Source Credit||Pub. L. 90-321, title I, §181, as added Pub. L. 94-240, §3, Mar. 23, 1976, 90 Stat. 257; amended Pub. L. 111-203, title X, §1100E(a)(2), July 21, 2010, 124 Stat. 2111.|
|Statutes at Large References||90 Stat. 257, 261|
124 Stat. 2111, 2107
|Public and Private Laws||Public Law 90-321, Public Law 94-240, Public Law 111-203|
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 $50,000, 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) 1 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, §181, as added Pub. L. 94–240, §3, Mar. 23, 1976, 90 Stat. 257; amended Pub. L. 111–203, title X, §1100E(a)(2), July 21, 2010, 124 Stat. 2111.)Adjustments for Inflation
For requirement of inflation adjustment of dollar amounts in par. (1) of this section, see section 1100E(b) of Pub. L. 111–203, set out as a note under section 1603 of this title.REFERENCES IN TEXT
Section 1602(g) of this title, referred to in par. (1), was redesignated section 1602(h) of this title by Pub. L. 111–203, title X, §1100A(1)(A), July 21, 2010, 124 Stat. 2107.AMENDMENTS
2010—Par. (1). Pub. L. 111–203 substituted "$50,000" for "$25,000".EFFECTIVE DATE OF 2010 AMENDMENT
Amendment 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 DATE
Pub. L. 94–240, §6, Mar. 23, 1976, 90 Stat. 261, 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]."ADJUSTMENTS FOR INFLATION
On and after Dec. 31, 2011, dollar amount described in par. (1) of this section to be adjusted annually by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers, see section 1100E(b) of Pub. L. 111–203, set out as a note under section 1603 of this title.
1 See References in Text note below.
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