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Exam CRCM topic 1 question 111 discussion

Actual exam question from ABA's CRCM
Question #: 111
Topic #: 1
[All CRCM Questions]

Records regarding compliance with Regulation M must be kept for how long?

  • A. Five years following consummation of the lease
  • B. Two years after the disclosures are made
  • C. Twenty-five months from consummation
  • D. One year from the time the disclosures are made
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Suggested Answer: B 🗳️

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Cam22
4 months ago
Selected Answer: B
Regulation M, which governs the leasing of personal property under the Consumer Leasing Act in the United States, stipulates various requirements for lessors, including disclosures to lessees, advertising guidelines, and record-keeping practices. According to Regulation M, lessors are required to retain evidence of compliance with the regulation, including copies of lease agreements and related disclosures, for a minimum of two years after the date disclosures are made to the lessee.
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