(a)
Authority. The regulation in this part, known as Regulation
M, is issued by the Bureau of Consumer Financial Protection to implement
the consumer leasing provisions of the Truth in Lending Act, which
is Title I of the Consumer Credit Protection Act, as amended (15 U.S.C.
1601
et seq.).
† Information collection requirements contained in this part
have been approved by the Office of Management and Budget under the
provisions of 44 U.S.C. 3501
et seq. and have been assigned
OMB control number 3170-0006.
(b) Scope and purpose. This part applies to
all persons that are lessors of personal property under consumer leases
as those terms are defined in section 1013.2(e)(1) and (h), except
persons excluded from coverage of this part by section 1029 of the
Consumer Financial Protection Act of 2010, Title X of the Dodd-Frank
Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), Public
Law 111-203, 124 Stat. 1376. The purpose of this part is:
(1) To ensure that lessees of personal
property receive meaningful disclosures that enable them to compare
lease terms with other leases and, where appropriate, with credit
transactions;
(2) To
limit the amount of balloon payments in consumer lease transactions;
and
(3) To provide
for the accurate disclosure of lease terms in advertising.
(c) Enforcement
and liability. Section 108 of the Act contains the administrative
enforcement provisions. Sections 112, 130, 131, and 185 of the Act
contain the liability provisions for failing to comply with the requirements
of the Act and this part.
