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The Act requires that certain lease costs and terms be disclosed, imposes limitations on the size of penalties for delinquency or default and on the size of residual liabilities, and requires certain disclosures in lease advertising.

?Consumer Lease??A consumer lease is a contract between. a lessor and a lessee: ? for the use of personal property by an individual (natural. person), ? to be used primarily for personal, family, or household.

(CLA) was passed in 1976 so consumers get meaningful and accurate disclosure of lease terms before they enter into a contract. With this information, consumers can more easily compare one lease with another, and compare the cost of leasing with the cost of buying on credit or the opportunity cost of paying cash.

Office Lease Defined An office lease is a legally binding contract made between a tenant (lessee) and a landlord (lessor). These agreements may be negotiated and signed by agents or representatives of either party. The office lease agreement grants a tenant specific rights in relation to the building.

Regulation M, Consumer Leasing, implements the Consumer Leasing Act (15 USC 1667 et seq.), which was enacted in 1976. A major purpose of the act is to ensure that consumers receive meaningful and accurate disclosure of the terms of a lease before entering into a contract to lease personal property.

A. GSA tenant agencies stay in the same location for an average of 23.3 years (when weighted by size). Despite this fact, the most common lease term entered into by GSA is a 10 year lease with termination rights any time after the fifth year (10/5 firm lease term).

Regulation M, Consumer Leasing, implements the Consumer Leasing Act (15 USC 1667 et seq.), which was enacted in 1976. A major purpose of the act is to ensure that consumers receive meaningful and accurate disclosure of the terms of a lease before entering into a contract to lease personal property.

A dated disclosure must be given to the consumer before signing the lease and must contain all of the information detailed in Section 4 of the regulation. New disclosures also must be provided when a consumer renegotiates, or extends a lease, subject to certain exceptions.

Regulation M. (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.

GSA, the nation's largest public real estate organization, provides workspace for over one million federal workers. These employees, along with government property, are housed in space owned by the federal government and in leased properties including buildings, land, antenna sites, etc. across the country.