Business and Personal Finance Dictionary

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• CONSUMER LEASING ACT
  
  A federal law passed in 1976 and amended in 1996 that spells out the requirements for disclosure of leasing costs and terms. Generally, the law covers vehicles leased for personal or family use; for periods in excess of four months; and for a total contractual obligation of less than $25,000. The Federal Reserve Board publishes a consumer guide to leasing that covers the leasing plans covered by the act.
  
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