The Consumer Leasing Act does for consumer leases what the Fair Credit Billing Act does for consumer credit.

Question

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The Consumer Leasing Act specifically applies to personal property leases that exceed four months and are made to consumers for personal, family, or household purposes. It requires disclosures about the terms and costs of lease agreements. The Fair Credit Billing Act, on the other hand, applies to open-end credit accounts, like credit cards, and provides a mechanism for consumers to manage billing errors. They serve different purposes related to consumer finance.

The Consumer Leasing Act Does for Consumer Leases What the Fair