Consumer Leasing Act Law and Legal Definition
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.