15 U.S.C. § 1667f: Regulations

to carry out this part; to prevent any circumvention of this part; or to facilitate compliance with the requirements of the 1 part. 1 So in original. Probably should be “this”. Any regulations prescribed under paragraph (1) may contain classifications and differentiations, and may provide for adjustments and exceptions for any class of transactions, as the Bureau considers appropriate. The Bureau shall establish and publish model disclosure forms to facilitate compliance with the disclosure requirements of this part and to aid the consumer in understanding the transaction to which the subject disclosure form relates. In establishing model forms under this subsection, the Bureau shall consider the use by lessors of data processing or similar automated equipment. A lessor may utilize a model disclosure form established by the Bureau under this subsection for purposes of compliance with this part, at the discretion of the lessor. Any lessor who properly uses the material aspects of any model disclosure form established by the Bureau under this subsection shall be deemed to be in compliance with the disclosure requirements to which the form relates. Any regulation of the Board, or any amendment or interpretation of any regulation of the Board issued pursuant to section 187 of the Truth in Lending Act [ 15 U.S.C. 1667f ] (as added by paragraph (1) of this subsection), shall become effective on the first October 1 that follows the date of promulgation of that regulation, amendment, or interpretation by not less than 6 months. The Board may, at the discretion of the Board, extend the time period referred to in subparagraph (A) in accordance with subparagraph (C), to permit lessors to adjust their disclosure forms to accommodate the requirements of section 127 [187] of the Truth in Lending Act (as added by paragraph (1) of this subsection). The Board may shorten the time period referred to in subparagraph (A), if the Board makes a specific finding that such action is necessary to comply with the findings of a court or to prevent an unfair or deceptive practice. Any lessor may comply with any means of disclosure provided for in section 127 [187] of the Truth in Lending Act (as added by paragraph (1) of this subsection) before the effective date of such requirement. For purposes of this subsection, the term ‘lessor’ has the same meaning as in section 181 of the Truth in Lending Act [ 15 U.S.C. 1667 ].” competition among the various financial institutions and other firms engaged in the business of consumer leasing is greatest when there is informed use of leasing; the informed use of leasing results from an awareness of the cost of leasing by consumers; and there has been a continued trend toward leasing automobiles and other durable goods for consumer use as an alternative to installment credit sales and that leasing product advances have occurred such that lessors have been unable to provide consistent industry-wide disclosures to fully account for the competitive progress that has occurred. to assure a simple, meaningful disclosure of leasing terms so that the consumer will be able to compare more readily the various leasing terms available to the consumer and avoid the uninformed use of leasing, and to protect the consumer against inaccurate and unfair leasing practices; to provide for adequate cost disclosures that reflect the marketplace without impairing competition and the development of new leasing products; and enable the lessee to compare more readily the various lease terms available to the lessee; enable comparison of lease terms with credit terms, as appropriate; and assure meaningful and accurate disclosures of lease terms in advertisements.”