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FRB: Press Release -- Revisions to Regulation M -- March 27, 1997 1 of 1 https://www.federalreserve.gov/boarddocs/press/boardacts/1997/19970... FEDERAL RESERVE SYSTEM 12 CFR Part 213 [Regulation M; Docket No. R-0952] Consumer Leasing AGENCY: Board of Governors of the Federal Reserve System. ACTION: Final rule. SUMMARY: The Board is publishing revisions to Regulation M, which implements the Consumer Leasing Act. The act requires lessors to provide uniform cost and other disclosures about consumer lease transactions. The revisions primarily implement amendments to the act contained in the Economic Growth and Regulatory Paperwork Reduction Act of 1996, which streamline the advertising disclosures for lease transactions. In addition, the final rule makes the disclosure of upfront costs in connection with a specific lease agreement parallel statutory changes to the advertising rules disclosing upfront costs--which now include total amounts due by lease signing or delivery, if delivery occurs later. Several technical amendments also have been made to the regulation. DATES: Effective date. April 1, 1997. Compliance date. Compliance is optional until October 1, 1997. FOR FURTHER INFORMATION CONTACT: Kyung H. Cho-Miller or Obrea O. 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. Users of Telecommunications Device for the Deaf only may contact Diane Jenkins, at (202) 452-3544. Sample forms (89 KB PDF) | Regulation and forms (124 KB PDF) 1997 Banking and consumer regulatory policy Home | News and events Accessibility Last update: March 31, 1997 12:00 PM 7/29/2024, 2:09 PM