Consumer Leasing — 1995-09-20 [95-23048]

The Board is issuing this proposal to revise Regulation M, which implements the Consumer Leasing Act. The act requires lessors to provide uniform cost and other disclosures about consumer lease transactions. The Board has reviewed Regulation M, pursuant to its policy of periodically reviewing its regulations, and proposes revisions to simplify and clarify its provisions to carry out more effectively the purposes of the act. The proposal contains several substantive revisions, for example: additional disclosure requirements about early termination charges, disclosure of the gross cost of leases, the residual value, and the estimated lease charge; a requirement that certain leasing disclosures be segregated from other information; and pursuant to a statutory change, new advertising provisions for radio and television. The proposal also simplifies the language and format of the regulation, deleting obsolete provisions and eliminating the footnotes or moving them to the Official Staff Commentary.