Consumer Automobile Lease Advertising Act of 1998

Summary

Consumer Automobile Lease Advertising Act of 1998 - Amends the Consumer Credit Protection Act to increase from $25,000 to $50,000 the maximum amount of a contractual obligation of a consumer lease to which the Act applies. Mandates annual adjustment of such limit based upon changes reported in the Consumer Price Index by the Department of Labor. Prescribes additional lease advertising disclosure requirements for advertising media, including radio and television broadcasting and toll-free telephones. Prohibits specified automobile lease advertising practices, including: (1) statements that no downpayment is required when the lessor actually requires certain payments upon lease initiation; and (2) lease terms that are available only to selected customers. Mandates that: (1) advertised lease payment amounts for automobiles be calculated on the basis of a formula prescribed by the Board of Governors of the Federal Reserve System (Board), and be accompanied by specified time and mileage disclosures; and (2) automobile dealerships place additional disclosures within a prominent location in the dealership. Empowers the Federal Trade Commission to enforce this Act. Amends the Truth in Lending Act to set forth a maximum civil penalty for noncompliance with such Act.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 10 October 1998

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• Introduced in House (PDF)

  Introduced in House · EN · 10 October 1998

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• Introduced in House

  summary · EN · 10 October 1998

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