Consumer Lease and Lease-Purchase Agreement Act

Consumer Lease and Lease-Purchase Agreement Act - Amends the Consumer Credit Protection Act to revise disclosure requirements, including advertisement disclosure requirements, for consumer leases and to establish separate disclosure requirements for lease-purchase agreements. Requires information disclosed pursuant to such requirements to be segregated from all other terms and information provided.

Includes among revised disclosures for consumer leases: (1) the total lease cost; (2) the amount of any required security deposit; (3) statements explaining certain information about the consumer's liability based on the residual value of the property; and (4) a statement referring the consumer to the appropriate lease document for information concerning other possible costs.

Requires the following information to be disclosed for lease-purchase agreements: (1) the number, individual amount, timing, and total amount of payments; (2) a statement that the consumer will not own the property until all payments are made; (3) a statement referring the consumer to the contract for an explanation of other possible costs; (4) a statement that the consumer is responsible for the fair market value of lost, stolen, damaged, or destroyed property; (5) a statement indicating whether the property is new or used; (6) a statement of the property's cash price; (7) the total of initial payments paid or required at or before consummation of the agreement or delivery of the property, which ever is later; (8) a clear summary of the terms of the consumer's option to purchase; (9) the identity of the party responsible for maintaining or servicing the property while it is being leased; (10) a brief description of insurance provided or paid for by the lessor; (11) a description of any security interest held or to be retained by the lessor; and (12) the date of the transaction and the identities of lessor and consumer.

Requires each item of property displayed or offered by a lessor to have a tag or label disclosing specified information.

Requires lease-purchase agreements to be written in plain English with a plainly worded translation in any other language used by the lessor in the advertising.

Prohibits certain items from a lease-purchase agreement, including: (1) a confession of judgment; (2) a negotiable instrument; (3) a wage assignment; and (4) a waiver by the consumer of claims or defenses. Specifies provisions such an agreement must contain.

Requires a lessor to provide the consumer a written receipt for each payment made by cash or money order.

Requires that advertisements specify whether the advertised transaction is a lease or a lease-purchase agreement, except certain advertisements in the yellow pages of a telephone book.

Provides that a renegotiation is a new lease or agreement requiring new disclosures. Requires no disclosures for a lease or agreement extension.

Requires lessors to pay consumers' attorney fees only in unsuccessful suits to collect more than the prescribed maximum amount at the end of a lease.

Prescribes civil and criminal penalties for violations and outlines defenses. Authorizes civil actions against lessor assignees only if a violation is apparent on the face of the disclosure statement.