15 U.S.C. § 1667a : US Code - Section 1667A: Consumer lease disclosures

Search 15 U.S.C. § 1667a : US Code - Section 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.