Consumer Leasing Act (Regulation M) 12 CFR 1013

ICR 201401-3170-002

OMB: 3170-0006

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2014-01-23
Justification for No Material/Nonsubstantive Change
2014-01-23
Supplementary Document
2012-04-25
IC Document Collections
ICR Details
3170-0006 201401-3170-002
Historical Active 201204-3170-005
CFPB
Consumer Leasing Act (Regulation M) 12 CFR 1013
No material or nonsubstantive change to a currently approved collection   No
Regular
Approved without change 01/31/2014
Retrieve Notice of Action (NOA) 01/23/2014
  Inventory as of this Action Requested Previously Approved
07/31/2015 07/31/2015 07/31/2015
67,858 0 67,858
100,058 0 100,058
0 0 2,430,000

Federal and state enforcement and private litigants use the records to ascertain whether accurate and complete disclosures of the cost of leases have been provided to consumers prior to consummation of the lease. This information provides the primary evidence of law violations in CLA enforcement actions brought by federal agencies. Without Regulation M's recordkeeping requirement, the agencies'ability to enforce the CLA would be significantly impaired. As noted above, consumers rely upon the disclosures required by the CLA and Regulation M for information to comparison shop among leases, as well as to ascertain the true costs and terms of lease offers. Enforcement agencies and private litigants need the information in these disclosures and other requirements to enforce the CLA and Regulation M.

US Code: 12 USC 5581 Name of Law: relates to the transfer of certain consumer financial protection functions
   US Code: 12 USC 5512 Name of Law: Rulemaking authority
  
None

Not associated with rulemaking

  77 FR 2685 01/19/2012
77 FR 24182 04/23/2012
No

2
IC Title Form No. Form Name
Consumer Leasing Act Recordkeeping
Consumer Leasing Act Disclosures

  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 67,858 67,858 0 0 0 0
Annual Time Burden (Hours) 100,058 100,058 0 0 0 0
Annual Cost Burden (Dollars) 0 2,430,000 0 0 -2,430,000 0
No
No

$2,430,000
No
No
No
Yes
No
Uncollected
Lea Mosena 202 435-7152

  No

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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
01/23/2014


© 2024 OMB.report | Privacy Policy