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7343179
label
President Signs H.R. 8835, Consumer Leasing Act of 1976 [Signing Statements and Announcements]
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doc
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document
citationUrl
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1
Source metadata
id
7343179
sourceUrl
contentType
document
title
President Signs H.R. 8835, Consumer Leasing Act of 1976 [Signing Statements and Announcements]
citationUrl
collections
White House Press Releases (Ford Administration)
Press Releases
subjects
U.S. House of Representatives. (03/04/1789 - )
Legislation
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7343179
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item
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day
23
logicalDate
1976-03-23
month
3
year
1976
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description
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nara-archive
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1
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0
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document
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12fab52bfa023db8
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Digitized from Box 23 of the White House Press Releases at the Gerald R. Ford Presidential Library
March 23, 1976
Office of the White House Press Secretary
NOTICE TO THE PRESS
The President has signed H.R. 8835 - -,Consumer Leasing Act of 1976.
This bill protects consumers from inadequate and misleading information
in connection with leasing personal property for personal, family, or
household purposes.
H.R. 8835 will apply to leases for the use of personal property for a period
of more than four months and for a total obligation not exceeding $25,000.
The bill will amend the Truth in Lending Act to:
-- require the lessor to provide a dated, written statement disclosing
eleven specific items to the lessee.
-- limit the lessee's liability on expiration or termimation of the lease.
-- require advertising concerning leases to contain certain warning
disclosures to consumers including the fact that the transaction is
a lease and the number, amounts, due dat es and total of payments
under the lease.
Finally, the bill will permit States to continue to enact and enforce their own
consumer lease laws so long as they are not inconsistent with this bill, as
determined by the Federal Reserve Board.
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