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A lessor must retain evidence of having performed required actions and of having made required disclosures.
The lessor must be identified by name; an address (and telephone number) may be provided.
Additionally, if a lessor refers to a named method in this manner, the lessor must provide a written explanation of that method if requested by the consumer.
In providing the disclosures in § 1013.4(l), a lessor must indicate whether the wholesale or retail appraisal value will be used.
If a consumer requests an explanation after consummation, the lessor must provide a written explanation within a reasonable time after the request is made.
A lessor must determine in each case if the leased property will be used primarily for personal, family, or household purposes.
Similar(46)
There are 33 pickup and dropoff points in Europe; lessors must have permanent addresses outside the European Union.
Lessors must disclose the purchase-option price as a sum certain or as a sum certain to be determined at a future date by reference to a readily available independent source.
Thus, automobile dealers (to the extent they are not excluded from the Bureau's rulemaking authority by section 1029 of the Dodd-Frank Act), merchants, and others who are not themselves lessors must comply with the advertising provisions of the regulation if they advertise consumer lease transactions.
An interest the lessor may have in leased property must be disclosed only if it is considered a security interest under state or other applicable law.
While disclosures must be made clearly and conspicuously, lessors are not required to use the word "lessor" and "lessee" to identify the parties to the lease transaction.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com