A bill to amend the Truth in Lending Act to protect consumers against inadequate and misleading leasing information, to assure meaningful disclosure of lease terms, and limit ultimate liability in connection with leasing of personal property primarily for personal, family, or household purposes, and for other purposes.
Consumer Leasing Act - Declares it the purpose of this Act to assure a meaningful disclosure of the terms of leases of personal property so as to enable the lessee to compare more readily the various lease and credit terms available to him, to limit balloon payments, and to assure meaningful and accurate disclosures of lease terms in advertisements.
Requires, under the Truth in Lending Act, the lessor of personal property to give to the lessee, prior to the consummation of the lease, a dated written statement on which the lessor and lessee are identified setting out in a clear conspicuous manner the terms of the lease, as specified by this Act.
Imposes specified limitations upon consumer lease advertising.
Makes a lessor who violates the provisions of the Act civilly liable to the lessee.
Introduced in Senate
Referred to Senate Committee on Banking, Housing and Urban Affairs.
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