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This Act, amending the Truth in Lending Act, regulates personal property leases that exceed four months in duration and that are made to consumers for personal, family, or household purposes.
A consumer lease is a contract for the hire (rental) of goods where the consumer has no right to purchase the goods. ( s. 169 NCC) Some examples of consumer leases: Car lease.
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) increased the threshold in the Consumer Leasing Act (CLA) for exempt consumer leases, and the threshold in the Truth in Lending Act (TILA) for exempt consumer credit transactions, from $25,000 to $50,000, effective July 21, 2011.
An automobile lease is the most common type of consumer lease covered by the CLA. Currently, a lease is exempt from the CLA if the consumer's total obligation exceeds $25,000.
Consumer leases may include:Automobile leases, Furniture leases, & Other personal property leases. Closed-end (walk-away) leases. Open-end leases.
The Consumer Leasing Act (15 USC 1667 et seq.) (CLA) was passed in 1976 to assure that meaningful and accurate disclosure of lease terms is provided to consumers before entering into a contract. It applies to consumer leases of personal property.
For an advertisement accessed by the consumer in electronic form, the required disclosures may be provided to the consumer in electronic form in the advertisement, without regard to the consumer consent or other provisions of the E-Sign Act.
Based on the annual percentage increase in the CPI-W as of June 1, 2021, the protections of Regulations Z and M generally will apply to consumer credit transactions and consumer leases of $61,000 or less in 2022.