Recordkeeping and Disclosure Requirements in Connection with Regulation M (Consumer Leasing)

Forms and Documents

Document Name	Status
RegM_201011_83c.pdf Justification for No Material/Nonsubstantive Change	2010-11-19

IC Document Collections

IC ID	Document Title	Status
36230	Consumer Leasing Disclosures (213.4)	Modified
180575	Consumer Leasing Advertising (213.7)	Modified

ICR Details

OMB Control No: 7100-0202	ICR Reference No: 201011-7100-005
Status: Historical Active	Previous ICR Reference No: 200807-7100-002
Agency/Subagency: FRS	Agency Tracking No: Reg M
Title: Recordkeeping and Disclosure Requirements in Connection with Regulation M (Consumer Leasing)
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 11/26/2010
	Date Received in OIRA: 11/26/2010
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2011	10/31/2011	10/31/2011
Responses	32	0	5,016
Time Burden (Hours)	8	0	573
Cost Burden (Dollars)	0	0	0

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Abstract: Regulation M implements the consumer leasing provisions of the Truth in Lending Act. The Act requires lessors to provide consumers with uniform cost and other disclosures about consumer lease transactions.

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Authorizing Statute(s): US Code: 15 USC 1604(a) and 1667(f) Name of Law: Truth in Lending 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 40349	07/14/2008
30-day Notice:	Federal Register Citation:	Citation Date:
	73 FR 56856	09/29/2008
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Consumer Leasing Advertising (213.7)
Consumer Leasing Disclosures (213.4)

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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	32	5,016	0	0	-4,984	0
Annual Time Burden (Hours)	8	573	0	0	-565	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: The decrease in total annual burden hours reflects a decrease in the number of respondents with a minor decrease in the frequency of response for Section 213.4, consistent with industry practices.

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Annual Cost to Federal Government: $0

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]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

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: 11/26/2010

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