Regulation M (Consumer Leasing)

Forms and Documents

Document Name	Status
Reg M '09 SS fin_mtd.pdf Supporting Statement A	2009-03-11

IC Document Collections

IC ID	Document Title	Status
32262	Recordkeeping	Modified
188292	Advertising: transaction-related	New
188291	Other leases transaction-related	New
188290	Auto leases transaction-related	New
188287	Startup/monitoring for advertising	New
188286	Startup/monitoring for other leases	New
188285	Setup/monitoring for auto lease disclosures	New

ICR Details

OMB Control No: 3084-0086	ICR Reference No: 200903-3084-004
Status: Historical Active	Previous ICR Reference No: 200601-3084-002
Agency/Subagency: FTC	Agency Tracking No:
Title: Regulation M (Consumer Leasing)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 04/27/2009
	Date Received in OIRA: 03/11/2009
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2012	36 Months From Approved	04/30/2009
Responses	3,810,000	0	4,500,000
Time Burden (Hours)	224,375	0	292,000
Cost Burden (Dollars)	0	0	0

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Abstract: Regulation M requires accurate disclosures of the costs and terms of leases to consumers. It also requires lessors and lease advertisers to keep records sufficient to show compliance with the Regulation.

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Authorizing Statute(s): US Code: 15 USC 1667 et seq. Name of Law: Consumer Leasing Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	73 FR 70347	11/20/2008
30-day Notice:	Federal Register Citation:	Citation Date:
	74 FR 10584	03/11/2009
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 7

IC Title	Form No.	Form Name
Other leases transaction-related
Setup/monitoring for auto lease disclosures
Auto leases transaction-related
Startup/monitoring for other leases
Startup/monitoring for advertising
Advertising: transaction-related
Recordkeeping

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	3,810,000	4,500,000	0	0	-690,000	0
Annual Time Burden (Hours)	224,375	292,000	0	0	-67,625	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: Staff has adjusted downward the FTC’s previous annual burden estimate by approx. 68,000 hours (from 292,000 to 224,375). This reflects a decrease in auto and other leasing entities and transactions, relative to prior FTC estimates.

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Annual Cost to Federal Government: $85,196

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 03/11/2009

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