Consumer Leasing Act
- A federal law that mandates lease agreements of personal property for over four months for private or household use to embed certain conditions, such as the total number and value of lease payments, late payment penalties, and any bulk payment due at the contract's conclusion
- The Consumer Leasing Act was applied to ensure clarity in the rental property contract signed by the tenants.
- According to the Consumer Leasing Act, the lease contract must detail all penalties for late payments.
- The car lease followed the Consumer Leasing Act requiring a statement of all lease payments and their amounts.