The act limited balloon payments in consumer leases and enabled consumers to compare lease terms with credit terms where appropriate. The act was implemented by Regulation M (Consumer Leasing). It requires disclosures to consumers before consummation of the lease agreement. This act is:
The act being described is the Consumer Leasing Act. It specifically deals with limiting balloon payments in consumer leases and enables consumers to compare lease terms with credit terms. The act is implemented by Regulation M (Consumer Leasing), requiring disclosures to consumers before the consummation of the lease agreement.
A, page 59
The Consumer Leasing Act is the legislation that limited balloon payments in consumer leases and enabled consumers to compare lease terms with credit terms. It was implemented by Regulation M, which mandates disclosures to consumers before the consummation of the lease agreement.