What is the Consumer Leasing Act?

The Consumer Leasing Act, or “TFCLA,” is a Tennessee state law that regulates consumer leasing transactions. It is intended to protect the consumer from unfair leasing practices by allowing them to cancel contracts if certain conditions are not fulfilled. The TFCLA applies to consumers leasing personal property such as appliances, furniture, or cars. It does not apply to residential leases, agricultural leases, industrial leases, or to business or commercial leases. The law requires that the consumer leasing agreement must be in writing and must include all terms and conditions of the agreement. It also requires that the lessor provide a clear disclosure of the termination rights of the consumer. The consumer can terminate the agreement for any reason within a certain amount of time, as specified in the agreement. The law also requires that the lessor provide the consumer with a written notice of any increase in the new monthly payment amount at least fifteen days prior to the payment due date. In addition, the lessor must make all charges for the lease disclosed at the time the agreement is signed. The Consumer Leasing Act provides consumers with important protections under the law. It ensures that consumers have clear disclosures about the terms of their lease agreement and provides them with a right to cancel any agreement if the terms are not met.

Related FAQs

What is the Unlawful Internet Gambling Enforcement Act?
What is the Fair Debt Collection Practices Act?
What is the Bank Holding Company Supervision Act?
What is the Unlawful Internet Gambling Enforcement Act?
What is the Fair Credit Reporting Act?
What is the Federal Deposit Insurance Corporation Improvement Act?
What is the Bank Secrecy Act?
What is the Garnishment Bank Act?
What are the U.S. banking laws?
What is the Debt Collection Improvement Act?

What is the Consumer Leasing Act?

Related FAQs

Related Blog Posts