(a) Authority. The regulation in this part, known as Regulation M, is issued by the Board of Governors of the Federal Reserve System 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 regulation 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 7100-0202.
(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 § 213.2(e)(1) and (h). 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.
[Reg. M, 61 FR 52258, Oct. 7, 1996, as amended at 62 FR 15367, Apr. 1, 1997]
Notes of Decisions
Perrone v. Gen. Motors Acceptance Corp., 232 F.3d 433 (5th Cir. 2000).
“Appellants counter that Regulation M, 12 C.F.R. § 213.1 specifically incorporated the TILA “administrative enforcement” provision, 15 U.”
Robinson v. Point One Toyota, Evanston, 2012 IL App (1st) 111889 (Ill. App. Ct. 2012).
“§ 4 (d)(5), following the 1996 amendments. -13- imposed upon the lessee at the end of the lease term.”
Demitropoulos v. Bank One Milwaukee, N.A., 915 F. Supp. 1399 (N.D. Ill. 1996).
“” 12 C.F.R. § 213.1 (b). Because the CLA is contained within TILA, the general rules of construction applicable to TILA apply to the CLA; and, as with TILA, the CLA must be liberally construed in the consumer’s favor, Kedziora v.”
Sanders v. Gold Key Lease, Inc., 906 F. Supp. 197 (S.D.N.Y. 1995).
· cites it 3× “12 C.F.R. § 213.1 (a). The purpose of the CLA is to “assure that lessees of personal property are given meaningful disclosures of lease terms, to delimit the ultimate liability of lessees in leasing personal property and to require meaningful and accurate disclosures of lease…”
Jarvis v. South Oak Dodge, Inc., 319 Ill. App. 3d 509 (Ill. App. Ct. 2001).
“12 C.F.R. § 213.1 et seq. (2000). A disgruntled consumer may bring a cause of action under TILA for violations of the disclosure requirements.”
Taylor v. United Mgmt., Inc., 51 F. Supp. 2d 1212 (D.N.M. 1999).
“12 C.F.R. § 213.1 (a) (1997). Regulation M states that “in motor-vehicle leases, [the lessor] shall itemize how the amount due will be paid, by type and amount, including any net trade-in allowance; rebates, noncash credits, and cash payments.”
Candelaria v. Nissan Motor Acceptance Corp., 740 F. Supp. 806 (D.N.M. 1990).
“The lease agreement serves as the disclosure statement required by the Federal Consumer Leasing Act, (hereinafter “CLA”), and Federal Reserve Board Regulation M, 12 C.F.R. §§ 213.1 et seq. (hereinafter “Regulation M”).”
Abt v. Mazda Am. Credit, 25 F. Supp. 2d 860 (N.D. Ill. 1998).
“12 C.F.R. § 213.1 (a). Once again, the parties advocate two different interpretations of Regulation M, 12 C.”
Blum v. Gen. Motors Acceptance Corp., 365 S.E.2d 474 (Ga. Ct. App. 1988).
“Essentially, plaintiff argues the lease agreement failed to make three disclosures mandated by Regulation M of the Truth in Lending Regulations, 12 CFR § 213.1 et seq. First, plaintiff claims the lease failed to disclose the value credited for a trade-in allowance as required by…”
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