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Code · CFR · Title 12 — Banks and Banking · Part 1013 — Consumer Leasing (Regulation M) · § 1013.7

§ 1013.7. Advertising.

682 words·~3 min read·/us/cfr/t12/s§ 1013.7·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)General rule. An advertisement for a consumer lease may state that a specific lease of property at specific amounts or terms is available only if the lessor usually and customarily leases or will lease the property at those amounts or terms.
(b)Clear and conspicuous standard. Disclosures required by this section shall be made clearly and conspicuously.
(1)Amount due at lease signing or delivery. Except for the statement of a periodic payment, any affirmative or negative reference to a charge that is a part of the disclosure required under paragraph (d)(2)(ii) of this section shall not be more prominent than that disclosure.
(2)Advertisement of a lease rate. If a lessor provides a percentage rate in an advertisement, the rate shall not be more prominent than any of the disclosures in § 1013.4, with the exception of the notice in § 1013.4(s) required to accompany the rate; and the lessor shall not use the term “annual percentage rate,” “annual lease rate,” or equivalent term.
(c)Catalogs or other multipage advertisements; electronic advertisements. A catalog or other multipage advertisement, or an electronic advertisement (such as an advertisement appearing on an Internet Web site), that provides a table or schedule of the required disclosures shall be considered a single advertisement if, for lease terms that appear without all the required disclosures, the advertisement refers to the page or pages on which the table or schedule appears.
(d)Advertisement of terms that require additional disclosure—(1) Triggering terms. An advertisement that states any of the following items shall contain the disclosures required by paragraph (d)(2) of this section, except as provided in paragraphs
(e)and
(f)of this section:
(i)The amount of any payment; or
(ii)A statement of any capitalized cost reduction or other payment (or that no payment is required) prior to or at consummation or by delivery, if delivery occurs after consummation.
(2)Additional terms. An advertisement stating any item listed in paragraph (d)(1) of this section shall also state the following items:
(i)That the transaction advertised is a lease;
(ii)The total amount due prior to or at consummation or by delivery, if delivery occurs after consummation;
(iii)The number, amounts, and due dates or periods of scheduled payments under the lease;
(iv)A statement of whether or not a security deposit is required; and
(v)A statement that an extra charge may be imposed at the end of the lease term where the lessee's liability (if any) is based on the difference between the residual value of the leased property and its realized value at the end of the lease term.
(e)Alternative disclosures—merchandise tags. A merchandise tag stating any item listed in paragraph (d)(1) of this section may comply with paragraph (d)(2) of this section by referring to a sign or display prominently posted in the lessor's place of business that contains a table or schedule of the required disclosures.
(f)Alternative disclosures—television or radio advertisements—(1) Toll-free number or print advertisement. An advertisement made through television or radio stating any item listed in paragraph (d)(1) of this section complies with paragraph (d)(2) of this section if the advertisement states the items listed in paragraphs (d)(2)(i) through
(iii)of this section, and:
(i)Lists a toll-free telephone number along with a reference that such number may be used by consumers to obtain the information required by paragraph (d)(2) of this section; or
(ii)Directs the consumer to a written advertisement in a publication of general circulation in the community served by the media station, including the name and the date of the publication, with a statement that information required by paragraph (d)(2) of this section is included in the advertisement. The written advertisement shall be published beginning at least three days before and ending at least ten days after the broadcast.
(2)Establishment of toll-free number.
(i)The toll-free telephone number shall be available for no fewer than ten days, beginning on the date of the broadcast.
(ii)The lessor shall provide the information required by paragraph (d)(2) of this section orally, or in writing upon request.
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§ 1013.7
Advertising.
Fed. Reg.×4
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