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Questions and Answers
What must be included in the lease according to the Consumer Leasing Regulation?
What must be included in the lease according to the Consumer Leasing Regulation?
How long must records and evidence of compliance be retained?
How long must records and evidence of compliance be retained?
What type of advertisements must comply with page reference requirements according to the Consumer Leasing Regulation?
What type of advertisements must comply with page reference requirements according to the Consumer Leasing Regulation?
What must be disclosed regarding the lessee's liabilities at the end of the lease term?
What must be disclosed regarding the lessee's liabilities at the end of the lease term?
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What is required if there are multiple lessees according to the Consumer Leasing Regulation?
What is required if there are multiple lessees according to the Consumer Leasing Regulation?
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What should be included in an institution's advertisements according to the Consumer Leasing Regulation?
What should be included in an institution's advertisements according to the Consumer Leasing Regulation?
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What is required if an advertisement is accessed electronically according to the Consumer Leasing Regulation?
What is required if an advertisement is accessed electronically according to the Consumer Leasing Regulation?
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What is required in terms of estimates according to the Consumer Leasing Regulation?
What is required in terms of estimates according to the Consumer Leasing Regulation?
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What is required regarding penalties or other charges for delinquency, default, or late payments according to the Consumer Leasing Regulation?
What is required regarding penalties or other charges for delinquency, default, or late payments according to the Consumer Leasing Regulation?
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What is one of the examination procedures related to lessee liability?
What is one of the examination procedures related to lessee liability?
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What must the lessor disclose regarding early termination of the lease?
What must the lessor disclose regarding early termination of the lease?
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In what form should disclosures be provided to the lessee?
In what form should disclosures be provided to the lessee?
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For electronically provided disclosures, what must be ensured according to the E-Sign Act?
For electronically provided disclosures, what must be ensured according to the E-Sign Act?
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What should be reviewed to ensure adequate controls and procedures for compliance?
What should be reviewed to ensure adequate controls and procedures for compliance?
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What must financial institutions ensure regarding leasing terms in advertising?
What must financial institutions ensure regarding leasing terms in advertising?
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What should be reviewed to ensure that there are no unreasonable balloon payments expected from the lessee?
What should be reviewed to ensure that there are no unreasonable balloon payments expected from the lessee?
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What should be disclosed about early termination charges?
What should be disclosed about early termination charges?
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What is required for electronically provided disclosures according to the E-Sign Act?
What is required for electronically provided disclosures according to the E-Sign Act?
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What is necessary regarding wear and use at the end of a lease term?
What is necessary regarding wear and use at the end of a lease term?
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What should be reviewed to ensure clear and conspicuous disclosures provided by the institution?
What should be reviewed to ensure clear and conspicuous disclosures provided by the institution?
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What is necessary regarding early termination charges?
What is necessary regarding early termination charges?
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Study Notes
Consumer Leasing Regulation Compliance Checklist
- The Consumer Leasing Regulation requires disclosures to be made prior to lease consummation, in clear and conspicuous writing that the consumer may keep.
- Disclosures must comply with the Electronic Signatures in Global and National Commerce Act (E-Sign Act) and be provided to the consumer in electronic form if the advertisement is accessed electronically.
- Information required by specific sections of the regulation must be segregated and in a form similar to the model in Appendix A.
- If there are multiple lessees, disclosures must be provided to any lessee primarily liable, and any additional information provided must not mislead or confuse the lessee.
- All estimates must be clearly identified and reasonable.
- The lease must include a description of the property, the amount due at lease signing or delivery, the payment schedule, and the total amount of periodic payments.
- The lessor must disclose limitations on the lessee's liabilities at the end of the lease term, and penalties or other charges for delinquency, default, or late payments.
- Advertising policies and procedures used by the institution must have adequate controls and procedures to ensure compliance with the regulation.
- The E-Sign Act amendments require mandatory compliance by October 1, 2008.
- The institution's advertisements must advertise terms that are usually and customarily available, with clear and conspicuous disclosures.
- Catalog/multiple page advertisements must comply with page reference requirements, and triggering terms must contain additional required information.
- Records and evidence of compliance must be retained for a period of no less than two years.
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Description
Test your knowledge on consumer leasing disclosures and regulations with this quiz. From accurate advertising disclosures to lessee liability, this quiz covers key examination procedures and general disclosure requirements outlined in §1013.5.