§1667a — Title 15 Commerce and Trade | U.S. Code

Summary

The person who is leasing out the property must give the person who will rent it a dated, written paper before the lease is final. The paper must name both people and clearly list 11 things about the lease. It must briefly say what is being leased; show any money due at the start, including official fees, registration or title costs, taxes, and other charges; say if the renter might have to pay the difference between the property’s expected market value and its appraised value when the lease ends; explain what the renter would owe at the end and whether the renter can buy the property (and for how much and when); list warranties and who must maintain the property; describe required or provided insurance and costs; identify any legal claim the lessor keeps on the property and what it covers; give the number, amounts, due dates, and total of regular payments; if the renter may owe the property’s market value at lease end, show the market value at the start, the total cost at expiration, and the difference; and explain how either side can end the lease early and any penalties for late payment, default, or early termination.

Title 15, §1667a

Commerce and Trade — Source: USLM XML via OLRC

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.

Notes & Related Subsidiaries

Editorial Notes

Amendments

2010—Pub. L. 111–203, § 1100A(2), (10)(B), made similar

Amendments

, resulting in the substitution of “The Bureau” for “The Board” in concluding provisions.

Statutory Notes and Related Subsidiaries

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.

§1667a Consumer lease disclosures

Summary

Title 15, §1667a

Notes & Related Subsidiaries

Editorial Notes

Amendments

Amendments

Statutory Notes and Related Subsidiaries

Effective Date

Citations & Metadata