What is the Consumer Leasing Act?

The Consumer Leasing Act is a Georgia law that sets guidelines regarding consumer leasing agreements. Consumer leasing is a type of agreement between a customer and a business or individual that allows the customer to pay for the use of a product, such as a vehicle, over a period of time instead of paying for the purchase of the product upfront. The Consumer Leasing Act provides consumers with certain protections and sets standards that businesses and individuals must follow when entering into a consumer leasing agreement. The Act applies to all consumer leasing transactions in Georgia. It requires businesses and individuals engaging in consumer leasing to provide consumers with a written agreement that contains certain information, such as the terms of the agreement, the total cost of the lease, and a description of any fees or charges. The Act also sets limits on the amount of certain fees and charges that a business or individual can impose. Additionally, it provides consumers with the right to terminate the lease agreement in certain circumstances and requires businesses and individuals to return any security deposits that were collected when the lease was entered into. The Consumer Leasing Act also prohibits certain practices when entering into a lease agreement. These practices include misrepresenting the terms of the agreement, failing to accurately disclose all costs associated with the lease, and charging a security deposit that exceeds the amount authorized by the law. Finally, the Act requires businesses and individuals engaging in consumer leasing to provide consumers with certain disclosures, such as information about the cancellation and refund policies.

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What is the Consumer Leasing Act?

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