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15 U.S.C. § 1667f — Regulations
Federal law — U.S. Code and appendices · legal_authorities
**(a) Regulations authorized**
(1) **In general** — The Bureau shall prescribe regulations to update and clarify the requirements and definitions applicable to lease disclosures and contracts, and any other issues specifically related to consumer leasing, to the extent that the Bureau determines such action to be necessary—
(A) to carry out this part;
(B) to prevent any circumvention of this part; or
(C) to facilitate compliance with the requirements of the 11 So in original. Probably should be “this”. part.
(2) **Classifications, adjustments** — Any regulations prescribed under paragraph (1) may contain classifications and differentiations, and may provide for adjustments and exceptions for any class of transactions, as the Bureau considers appropriate.
**(b) Model disclosure**
(1) **Publication** — The Bureau shall establish and publish model disclosure forms to facilitate compliance with the disclosure requirements of this part and to aid the consumer in understanding the transaction to which the subject disclosure form relates.
(2) **Use of automated equipment** — In establishing model forms under this subsection, the Bureau shall consider the use by lessors of data processing or similar automated equipment.
(3) **Use optional** — A lessor may utilize a model disclosure form established by the Bureau under this subsection for purposes of compliance with this part, at the discretion of the lessor.
(4) **Effect of use** — Any lessor who properly uses the material aspects of any model disclosure form established by the Bureau under this subsection shall be deemed to be in compliance with the disclosure requirements to which the form relates.
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Source location: Title 15, Chapter 41, § 1667f; chapter-041-consumer-credit-protection.md
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**(a) Regulations authorized**
(1) **In general** — The Bureau shall prescribe regulations to update and clarify the requirements and definitions applicable to lease disclosures and contracts, and any other issues specifically related to consumer leasing, to the extent that the Bureau determines such action to be necessary—
(A) to carry out this part;
(B) to prevent any circumvention of this part; or
(C) to facilitate compliance with the requirements of the 11 So in original. Probably should be “this”. part.
(2) **Classifications, adjustments** — Any regulations prescribed under paragraph (1) may contain classifications and differentiations, and may provide for adjustments and exceptions for any class of transactions, as the Bureau considers appropriate.
**(b) Model disclosure**
(1) **Publication** — The Bureau shall establish and publish model disclosure forms to facilitate compliance with the disclosure requirements of this part and to aid the consumer in understanding the transaction to which the subject disclosure form relates.
(2) **Use of automated equipment** — In establishing model forms under this subsection, the Bureau shall consider the use by lessors of data processing or similar automated equipment.
(3) **Use optional** — A lessor may utilize a model disclosure form established by the Bureau under this subsection for purposes of compliance with this part, at the discretion of the lessor.
(4) **Effect of use** — Any lessor who properly uses the material aspects of any model disclosure form established by the Bureau under this subsection shall be deemed to be in compliance with the disclosure requirements to which the form relates.
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Federal law — U.S. Code and appendices · legal_authorities
For purposes of this part—
(1) The term “consumer lease” means a contract in the form of a lease or bailment for the use of personal property by a natural person for a period of time exceeding four months, and for a total contractual obligation not exceeding $50,000,11 See Adjustments for Inflation note below. primarily for personal, family, or household purposes, whether or not the lessee has the option to purchase or otherwise become the owner of the property at the expiration of the lease, except that such term shall not include any credit sale as defined in section 1602(g) 22 See References in Text note below. of this title. Such term does not include a lease for agricultural, business, or commercial purposes, or to a government or governmental agency or instrumentality, or to an organization.
(2) The term “lessee” means a natural person who leases or is offered a consumer lease.
(3) The term “lessor” means a person who is regularly engaged in leasing, offering to lease, or arranging to lease under a consumer lease.
(4) The term “personal property” means any property which is not real property under the laws of the State where situated at the time offered or otherwise made available for lease.
(5) The terms “security” and “security interest” mean any interest in property which secures payment or performance of an obligation.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions.—** For purposes of this section—
(1) the term “agency” means agency as defined in section 552(e) 11 See References in Text note below. of this title;
(2) the term “individual” means a citizen of the United States or an alien lawfully admitted for permanent residence;
(3) the term “maintain” includes maintain, collect, use, or disseminate;
(4) the term “record” means any item, collection, or grouping of information about an individual that is maintained by an agency, including, but not limited to, his education, financial transactions, medical history, and criminal or employment history and that contains his name, or the identifying number, symbol, or other identifying particular assigned to the individual, such as a finger or voice print or a photograph;
(5) the term “system of records” means a group of any records under the control of any agency from which information is retrieved by the name of the individual or by some identifying number, symbol, or other identifying particular assigned to the individual;
(6) the term “statistical record” means a record in a system of records maintained for statistical research or reporting purposes only and not used in whole or in part in making any determination about an identifiable individual, except as provided by [section 8 of title 13](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title13-section8&num=0&edition=prelim);
(7) the term “routine use” means, with respect to the disclosure of a record, the use of such record for a purpose which is compatible with the purpose for which it was collected;
(8) the term “matching program”—
(A) means any computerized comparison of—
(i) two or more automated systems of records or a system of records with non-Federal records for the purpose
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Federal law — U.S. Code and appendices · legal_authorities
Page 1549
TITLE 15—COMMERCE AND TRADE
§ 1667f
1 So in original. Probably should be ‘‘this’’.
Editorial Notes
AMENDMENTS
2010—Pub. L. 111–203, § 1100A(2), (10), substituted ‘‘Bu-
reau’’ for ‘‘Board’’, ‘‘the Bureau’’ for ‘‘the Board’’, and
‘‘The Bureau’’ for ‘‘The Board’’ wherever appearing.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2010 AMENDMENT
Amendment by Pub. L. 111–203 effective on the des-
ignated transfer date, see section 1100H of Pub. L.
111–203, set out as a note under section 552a of Title 5,
Government Organization and Employees.
§ 1667f. Regulations
(a) Regulations authorized
(1) In general
The Bureau shall prescribe regulations to
update and clarify the requirements and defi-
nitions applicable to lease disclosures and con-
tracts, and any other issues specifically re-
lated to consumer leasing, to the extent that
the Bureau determines such action to be nec-
essary—
(A) to carry out this part;
(B) to prevent any circumvention of this
part; or
(C) to facilitate compliance with the re-
quirements of the 1 part.
(2) Classifications, adjustments
Any regulations prescribed under paragraph
(1) may contain classifications and differentia-
tions, and may provide for adjustments and
exceptions for any class of transactions, as the
Bureau considers appropriate.
(b) Model disclosure
(1) Publication
The Bureau shall establish and publish
model disclosure forms to facilitate compli-
ance with the disclosure requirements of this
part and to aid the consumer in understanding
the transaction to which the subject disclo-
sure form relates.
(2) Use of automated equipment
In establishing model forms under this sub-
section, the Bureau shall consider the use by
lessors of data processing or similar auto-
mated equipment.
(3) U
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