Recordkeeping and Disclosure Requirements Associated with CFPB's Regulation M (Consumer Leasing)

ICR 201504-7100-005

OMB: 7100-0202

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2015-04-30
IC Document Collections
IC ID
Document
Title
Status
36230
Modified
180575
Modified
ICR Details
7100-0202 201504-7100-005
Historical Active 201412-7100-010
FRS Reg M
Recordkeeping and Disclosure Requirements Associated with CFPB's Regulation M (Consumer Leasing)
Extension without change of a currently approved collection   No
Delegated
Approved without change 04/30/2015
Retrieve Notice of Action (NOA) 04/30/2015
  Inventory as of this Action Requested Previously Approved
04/30/2018 36 Months From Approved 04/30/2015
32 0 32
40 0 40
0 0 0

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.

US Code: 15 USC 1604(a) and 1667(f) Name of Law: Truth in Lending Act
   US Code: 5 USC 522(b)(8) Name of Law: Freedom of Information Act
  
None

Not associated with rulemaking

  80 FR 4571 01/28/2015
80 FR 22186 04/21/2015
No

2
IC Title Form No. Form Name
Disclosures (Section 1013.4)
Advertising (Section 1013.7)

  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 32 0 0 0 0
Annual Time Burden (Hours) 40 40 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$0
No
No
No
No
No
Uncollected
Jennifer Williams 202 452-2446 [email protected]

  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.
04/30/2015


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