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LSDefine

Simple English definitions for legal terms

Consumer Leasing Act

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A quick definition of Consumer Leasing Act:

The Consumer Leasing Act (CLA) is a law that helps protect people who lease things like cars or furniture for personal use. It makes sure that the lease agreement is clear and easy to understand, and that the lease company can't trick or mislead the person leasing. The law only applies to leases that are longer than four months and cost less than $50,000. The goal of the law is to help people who might not have a lot of experience or resources to protect themselves from unfair lease terms. The law requires the lease agreement to include important details like how much the rent costs, when payments are due, and how the lease can be ended. The lease company also has to be honest in their advertisements about the total cost of the lease.

A more thorough explanation:

The Consumer Leasing Act (CLA) is a law that was passed in 1976 as part of the Truth in Lending Act (TILA). Its purpose is to protect people who lease personal property, such as cars or appliances, from being misled or deceived by lessors.

The CLA only applies to leases that are for personal use, are longer than four months, and cost less than or equal to $50,000. It does not apply to commercial or business leases because those lessees are assumed to have more resources and experience to ensure fair lease terms.

The CLA requires that every covered lease must contain specific details about the rent costs, payment dates, other costs, termination details, and any warranties on the property. Lessors are also required to include many of the same details in lease advertisements to prevent misleading communication of the overall lease price.

For example, if you are leasing a car for personal use and the lease is longer than four months and costs less than $50,000, the lessor must provide you with a lease agreement that includes all of the required details. If the lessor advertises the lease in a newspaper or online, they must also include the required details in the advertisement.

consumer expectations test | consumer protection laws

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[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
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