The CLA and Regulation M are intended
to provide consumers with meaningful disclosures about the costs
and terms of leases for personal property. The disclosures enable
consumers to compare the terms for a particular lease with those
for other leases and, when appropriate, to compare lease terms with
those for credit transactions. The CLA and Regulation M also
contain rules about advertising consumer leases and limit the size
of balloon payments in consumer lease transactions. The CFPB's
Regulation M applies to all types of lessors of personal property
(except motor vehicle dealers excluded from the CFPB's authority
under Dodd-Frank Act section 1029, which are covered by the Board's
Regulation M). The CLA and Regulation M require lessors to disclose
to consumers uniformly the costs, liabilities, and terms of
consumer lease transactions. Disclosures are provided to consumers
before they enter into lease transactions and in advertisements
that state the availability of consumer leases on particular terms.
The regulation generally applies to consumer leases of personal
property in which the contractual obligation does not exceed
$53,500 and has a term of more than four months. The CLA does not
provide exemptions for small entities.
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.