What is the Consumer Leasing Act?

The Consumer Leasing Act is an Oregon banking law that protects consumers who lease goods such as vehicles or furniture. Under the law, lessors must clearly disclose the terms of the lease to the lessee. This includes information such as the total cost of the lease, the length of the agreement, the amount due on delivery, and the amount owed each month. The law also requires that lessors provide a copy of the lease agreement that clearly outlines all of these details, and that the lessee has three days in which to cancel the agreement if they so choose. Additionally, the law mandates that lessors must allow the lessee to early termination of the lease without penalty so long as the lessee gives at least 15 days notice. Finally, the Consumer Leasing Act requires that lessors return any security deposit paid at the end of the lease agreement. Together, these protections ensure that consumers are able to make informed decisions when entering into a lease and that their rights are respected throughout the duration of the agreement.

Related FAQs

What is the Gramm-Leach-Bliley Act?
What is the Home Affordable Foreclosure Alternatives Program?
What is the Uniform Electronic Transactions Act?
What is the Federal Reserve System?
What legal issues do banks face?
What is the Debt Collection Improvement Act?
What is the Fair and Accurate Credit Transactions Act?
What is the Unlawful Internet Gambling Enforcement Act?
What is the Right to Financial Privacy Act?
What is the Credit Card Accountability Responsibility and Disclosure Act?

What is the Consumer Leasing Act?

Related FAQs

Related Blog Posts