Consumer Leasing Act (Regulation M)

Forms and Documents

Document Name	Status
3170-0006 (Regulation M) supporting statement.docx Supporting Statement A	2024-10-22
3170-0006 30-day FRN (published).pdf Supplementary Document	2024-10-16
3170-0006 60-day FRN (published).pdf Supplementary Document	2024-10-16

IC Document Collections

IC ID	Document Title	Status
200130	Consumer Leasing Act Recordkeeping and Disclosure Requirements Other-Model Disclosure	Modified

ICR Details

OMB Control No: 3170-0006	ICR Reference No: 202410-3170-001
Status: Received in OIRA	Previous ICR Reference No: 202206-3170-002
Agency/Subagency: CFPB	Agency Tracking No:
Title: Consumer Leasing Act (Regulation M)
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 10/22/2024

	Requested	Previously Approved
Expiration Date	36 Months From Approved	10/31/2025
Responses	13,301	13,718
Time Burden (Hours)	2,062	2,126
Cost Burden (Dollars)	5,054	13,992

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Abstract: Consumers rely on the disclosures required by the Consumer Leasing Act, 15 U.S.C. 1667 et seq. (CLA) and Regulation M, 12 CFR 1013, for information to comparison shop among leases, as well as to ascertain the true costs and terms of lease offers. 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.

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Authorizing Statute(s): US Code: 15 USC 1601 et seq Name of Law: Truth in Lending Act
   US Code: 15 USC 1667 et seq Name of Law: The 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:
	89 FR 58354	07/18/2024
30-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 83467	10/16/2024
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Consumer Leasing Act Recordkeeping and Disclosure Requirements

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ICR Summary of Burden

	Total Request	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	13,301	13,718	0	0	-417	0
Annual Time Burden (Hours)	2,062	2,126	0	0	-64	0
Annual Cost Burden (Dollars)	5,054	13,992	0	0	-8,938	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: There are no program changes or changes to requirements in this information collection request. However, minor corrections were made to correct the total number of entities/respondents/responses from the prior 2022 submission from 13,718 to 13,393, as well as the total number of entities/respondents/responses that should have gone down from 13,393 to 13,301 due to net shrinkage in the number of establishments in the market.

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Annual Cost to Federal Government: $0

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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]? Yes

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

Is this ICR related to the Pandemic Response? No

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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: 10/22/2024

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