Consumer Leasing Act

Definition from Nolo’s Plain-English Law Dictionary

A federal law that requires written lease agreements for personal property for more than four months (for personal, family, or household use) to include certain terms, including a statement of the number of lease payments and their dollar amounts, penalties for not paying on time, and whether a lump sum payment is due at the end of the agreement.

Definition provided by Nolo’s Plain-English Law Dictionary.