Consumer Leasing Act Law and Legal Definition
Consumer Leasing Act is a federal statute in the U.S. The term consumer lease means a contract in the form of a lease or bailment for the use of personal property by a person for a specific period of time. The property is used for personal, family, or household purposes. Consumer lease does not include a lease for agricultural, business, or commercial purposes, or to a government, governmental agency, instrumentality, or an organization.
Following statute 15 USCS § 1667 defines the terms lessee and lessor :
The term "lessee" means a natural person who leases or is offered a consumer lease.
The term "lessor" means a person who is regularly engaged in leasing, offering to lease, or arranging to lease under a consumer lease.
The Act also provides for consumer lease disclosures. Consumer lease disclosure includes :
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.
