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Exam CRCM topic 1 question 38 discussion

Actual exam question from ABA's CRCM
Question #: 38
Topic #: 1
[All CRCM Questions]

The act limited balloon payments in consumer leases and enabled consumers to compare lease terms with credit terms where appropriate. The act was implemented by Regulation M (Consumer Leasing). It requires disclosures to consumers before consummation of the lease agreement. This act is:

  • A. Consumer leasing act
  • B. Risk disclosure act
  • C. ALLL
  • D. None of these
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Suggested Answer: A 🗳️
by Cam22 at March 15, 2024, 1 a.m.

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Dex24
7 months ago
A, page 59
upvoted 1 times
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Cam22
8 months, 3 weeks ago
The Consumer Leasing Act is the legislation that limited balloon payments in consumer leases and enabled consumers to compare lease terms with credit terms. It was implemented by Regulation M, which mandates disclosures to consumers before the consummation of the lease agreement.
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