FEDERAL RESERVE SYSTEM 12 CFR Part 213 [Regulation M; Docket No. R-0961] Consumer Leasing AGENCY: Board of Governors of the Federal Reserve System. ACTION: Final rule; official staff interpretation. SUMMARY: The Board is publishing revisions to the official staff commentary to Regulation M, which implements the Consumer Leasing Act. The act requires lessors to provide uniform cost and other disclosures about consumer lease transactions. Regulation M was revised in September 1996 under the Board's Regulatory Planning and Review program, which calls for the periodic review of Board regulations. The commentary applies and interprets the requirements of Regulation M. The revisions to the commentary provide guidance on the final rule issued in September 1996, as amended in April 1997. DATES: This rule is effective April 1, 1997. Compliance is optional until October 1, 1997. FOR FURTHER INFORMATION CONTACT: Kyung H. Cho-Miller or Obrea Otey Poindexter, Staff Attorneys, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551, at (202) 452-2412 or 452-3667. For users of Telecommunications Devices for the Deaf (TDD) only, contact Diane Jenkins, at (202) 452-3544.
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Summary and interpretation (148 KB PDF)
1997 Banking and consumer regulatory policy