What is the Consumer Leasing Act?

The Consumer Leasing Act, as defined by South Carolina law, is a set of regulations that govern consumer leasing agreements. The Act covers all types of consumer leases, including those of motor vehicles, furniture, appliances, and other tangible goods. The Act also sets forth the requirements for making, disclosure, and termination of consumer leases. The Consumer Leasing Act requires that all leasing companies must provide consumers with a copy of the lease along with information about its terms and conditions. It also requires the leasing company to disclose the total cost of the lease, the total amount of fees that may be charged, and other details such as the duration of the lease, any transferability of the lease, and any liability for damage or loss of the leased property. In addition, the Act requires that all leasing companies must provide a copy of the lease to the lessee, as well as make sure that any amendments or modifications to the lease are clearly stated. The Act also provides for a right of rescission for consumers, which allows them to cancel a lease within three business days after signing the agreement. The Consumer Leasing Act also sets forth regulations for the collection of overdue payments. If the lessee fails to make the payments due, the leasing company must follow specific protocols in attempting collection. This includes the right of the leasing company to repossess the leased item if payment has become overdue.

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What is the Consumer Leasing Act?

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