What is the Consumer Leasing Act?

The Consumer Leasing Act is a law in Delaware that protects consumers who are leasing personal property. It was passed in 1982 with the goal of providing consumers with clear and understandable information about the costs involved in a lease agreement. The law requires that consumers receive a written disclosure of the key terms of the lease agreement before signing. Key terms include the cost of the lease, the length of time the lease is for, how much the consumer will be charged for late payments, and other fees associated with the lease. The law also prevents companies from misrepresenting the cost of a lease, such as by hiding the full cost in small print or in additional fees. It also requires that consumers be given an explanation of their rights under the terms of the lease and what to do if they default. Furthermore, the Consumer Leasing Act prohibits companies from making misleading statements or inaccurate comparisons with other products or services. The Consumer Leasing Act is a federal law, which means that it applies throughout all of Delaware. It is enforced by the Federal Trade Commission. Companies who violate the Consumer Leasing Act can be subject to fines or other penalties. Consumers who feel that their rights have been violated can also take legal action through small-claims court or a consumer advocacy organization.

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What is the Consumer Leasing Act?

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