Learn why advertisements concerning consumer leases must also comply with certain disclosure requirements.
The Consumer Leasing Act was passed in 1976 in response to what was then a growing trend toward leasing automobiles for consumer use as an alternative to installment credit sales. The Act was meant to assure that meaningful and accurate disclosure of lease terms is provided to consumers before entering into a contract. The Act also imposes limitations on the size of penalties for delinquency or default and on the size of residual liabilities and requires certain disclosures in lease advertising. This video reviews the Consumer Leasing Act’s general disclosure requirements and discusses how to ensure compliance with the CLA’s advertising disclosure requirements.
Mark D. Belongia
Hinshaw & Culbertson LLP
- Partner in the Chicago office of Johnson & Bell, Ltd.
- Practice emphasizes all aspects of financial regulatory areas, such as consumer lending and banking
- Conducts regular seminars and workshops on lending and debt collection
- Author of several publications related to the areas of properly lending to all types of consumers and proper methods of collection this debt
- Member of the Chicago, Illinois and American Bar Associations
- J.D. degree, DePaul University College of Law; B.S.B.A. degree in accounting, Drake University
- Can be contacted at 312-984-0271 or [email protected]
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