§ 1667. Definitions
458 words·~2 min read·
/usc/title-15/section-1667A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
For purposes of this part—
(1)The term “consumer lease” means a contract in the form of a lease or bailment for the use of personal property by a natural person for a period of time exceeding four months, and for a total contractual obligation not exceeding $50,000,1 primarily for personal, family, or household purposes, whether or not the lessee has the option to purchase or otherwise become the owner of the property at the expiration of the lease, except that such term shall not include any credit sale as defined in section 1602(g) 2 of this title. Such term does not include a lease for agricultural, business, or commercial purposes, or to a government or governmental agency or instrumentality, or to an organization.
(2)The term “lessee” means a natural person who leases or is offered a consumer lease.
(3)The term “lessor” means a person who is regularly engaged in leasing, offering to lease, or arranging to lease under a consumer lease.
(4)The term “personal property” means any property which is not real property under the laws of the State where situated at the time offered or otherwise made available for lease.
(5)The terms “security” and “security interest” mean any interest in property which secures payment or performance of an obligation.
(Pub. L. 90–321, title I, § 181, as added Pub. L. 94–240, § 3, Mar. 23, 1976, 90 Stat. 257; amended Pub. L. 111–203, title X, § 1100E(a)(2), July 21, 2010, 124 Stat. 2111.)
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- Public Law 96–221To facilitate the implementation of monetary policy, to provide for the gradual elimination of all limitations on the rates of interest which are payable on deposits and accounts, and to authorize interest-bearing transaction accounts, and for other purposes
- Public Law 104–207Waiving certain enrollment requirements with respect to any bill or joint resolution of the One Hundred Fourth Congress making genera) or continuing appropriations for fiscal year 1997
- Public Law 111–203To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end “too big to fail”, to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes
- Public Law 94–240To amend the Truth In Lending Act to protect consumers against Inadequate and misleading leasing information, assure meaningful disclosure of lease terms, and limit ultimate liability in connection with leasing of personal property primarily for personal, family, or household purposes, and for other
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- Pub. L. 90–321, title I, § 181
- Pub. L. 94–240, § 3
- 90 Stat. 257
- Pub. L. 111–203, title X, § 1100E(a)(2)
- 124 Stat. 2111
- Pub. L. 111–203, title X, § 1100A(1)(A)
- 124 Stat. 2107
- Pub. L. 111–203
- section 1100H of Pub. L. 111–203
- Pub. L. 94–240, § 6
- 90 Stat. 261
- section 1100E(b) of Pub. L. 111–203
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§ 1667
Definitions
Fed. Reg.×60
Bills×8
Stat.×8
U.S.C.×6
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Cite1
Cite2
Pub. L.Pub. L. 90–321, title I, § 181
Pub. L.Pub. L. 94–240, § 3
Stat.90 Stat. 257
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