[Federal Register Volume 62, Number 62 (Tuesday, April 1, 1997)]
[Rules and Regulations]
[Pages 15364-15372]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-8200]


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FEDERAL RESERVE SYSTEM

12 CFR Part 213

[Reg. M; Docket No. R-0952]


Consumer Leasing

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Final Rule.

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SUMMARY: The Board is publishing revisions to Regulation M, which 
implements the Consumer Leasing Act. The act requires lessors to 
provide uniform cost and other disclosures about consumer lease 
transactions. The revisions primarily implement amendments to the act 
contained in the Economic Growth and Regulatory Paperwork Reduction Act 
of 1996, which streamline the advertising disclosures for lease 
transactions. In addition, the final rule makes the disclosure of 
upfront costs in connection with a specific lease agreement parallel 
statutory changes to the advertising rules disclosing upfront costs--
which now include total amounts due by lease signing or delivery, if 
delivery occurs later. Several technical amendments also have been made 
to the regulation.

DATES: Effective date. April 1, 1997. Compliance date. Compliance is 
optional until October 1, 1997.

FOR FURTHER INFORMATION CONTACT: Kyung H. Cho-Miller or Obrea O. 
Poindexter, Staff Attorneys, Division of Consumer and Community 
Affairs, Board of Governors of the Federal Reserve System, Washington, 
DC 20551, at (202) 452-2412 or 452-3667. Users of Telecommunications 
Device for the Deaf only may contact Diane Jenkins, at (202) 452-3544.

SUPPLEMENTARY INFORMATION:

I. Background on the Consumer Leasing Act and Regulation M

    The Consumer Leasing Act (CLA), 15 U.S.C. 1667-1667e, was enacted 
into law in 1976 as an amendment to the Truth in Lending Act (TILA), 15 
U.S.C. 1601 et seq. The CLA generally applies to consumer leases of 
personal property in which the contractual obligation does not exceed 
$25,000 and has a term of more than four months. An automobile lease is 
the most common type of consumer lease covered by the act. Under the 
act, lessors are required to provide uniform cost and other information 
about consumer lease transactions.
    The Board was given rulewriting authority, and its Regulation M (12 
CFR part 213) implements the CLA. An official staff commentary 
interprets the regulation.
    The Board recently completed a review of Regulation M, pursuant to 
its policy of periodically reviewing its regulations, and approved a 
final rule in September 1996 substantially revising the regulation to 
update the disclosure requirements and to carry out more effectively 
the purposes of the Act (61 FR 52246, October 7, 1996).

II. Revised Regulatory Provisions

    In the September 1996 final rule, the advertising provisions 
implemented amendments to the CLA contained in the Riegle Community 
Development and Regulatory Improvement Act of 1994 (Pub. L. 103-325, 
108 Stat. 2160); the amendments allow a toll-free number or a print 
advertisement to substitute for certain lease disclosures in radio 
commercials (which was expanded in the final rule to television 
commercials).
    The advertisement provisions were amended and streamlined on 
September 30, 1996, by the Economic Growth and Regulatory Paperwork 
Reduction Act of 1996 (Pub. L. 104-208, 110 Stat. 3009)(the 1996 Act). 
The Board issued a proposal in December 1996 (62 FR 62, January 2, 
1997). Nineteen comments were received. Based on the comments and 
further analysis, the Board's final rule implements the statutory 
changes. The final rule also revises the requirement to disclose 
``upfront costs'' to parallel the statutory change made to a similar 
advertising disclosure--now requiring the total amount due by lease 
signing to include amounts due by delivery, whichever occurs later. The 
open- and closed-end model lease forms have been amended to reflect 
this change. This final rulemaking also contains some technical 
amendments to the regulation. For example, the model clause for 
providing a description of the leased property is added and the example 
of an annual charge as an other charge is deleted on the open- and 
closed-end vehicle lease model forms. Although a limited number of 
comments were received, generally all the commenters supported the 
proposed amendments. The final rule is discussed in detail in the 
section-by-section analysis below.

III. Revisions to Regulation M

Section 213.2  Definitions

2(f) Gross Capitalized Cost
    Based on comments on the proposed revisions to the Official Staff 
Commentary published in February 1997, the Board is replacing the 
reference in Sec. 213.2(f) to an outstanding ``loan'' balance with the 
broader term

[[Page 15365]]

``credit'' to encompass both loan and credit sale balances. Consistent 
revisions have also been made to Sec. 213.4(f)(1) and the open- and 
closed-end vehicle lease model forms.

Section 213.4  Content of Disclosures

4(b) Amount Due at Lease Signing or Delivery
    The 1996 Act revised the advertising disclosure of upfront fees to 
include amounts due by delivery, if delivery occurs after consummation, 
but the Congress did not enact a conforming change to the transaction 
disclosure. The Board did not propose to amend that transaction 
disclosure to make it consistent with the statutory change to the 
advertising rules. Several commenters (including two Reserve Banks, a 
lease trade association representing mostly independent lessors, and an 
association of state attorneys general) urged the Board to reconsider 
this issue, suggesting the disclosure of upfront fees in advertising 
and those given for specific transactions should be consistent to avoid 
consumer confusion. Major trade associations, consumer interest 
representatives, and the Federal Trade Commission, responding to the 
proposed revisions to the Official Staff Commentary, also strongly 
recommended the revision. Consumers would not normally distinguish 
between charges paid at lease signing and by delivery, if delivery 
occurs later. Under the current rules any charges payable after a lease 
is executed would have to be disclosed as ``other charges.'' A 
consistent rule on the disclosure of upfront fees to include amounts 
due at delivery would not require lessors to retrain their personnel to 
think of these post-consummation fees as ``other charges'' and not 
``upfront fees,'' thus reducing the potential for technical violations 
of the law that could give rise to civil liability.
    The Board believes that having a consistent rule for the 
advertising and the transaction disclosures would benefit both 
consumers and lessors. Consumers would have in one place the total sum 
necessary to take possession of the leased property, and the risk of 
making technical errors would be reduced for lessors. Pursuant to its 
authority under section 105(a) of the TILA and section 187 of the CLA, 
the Board is revising the disclosure of the total amount due at or 
prior to consummation to include amounts due at delivery, when delivery 
occurs after consummation, to parallel the changes that the Congress 
made to the advertising disclosure. The open- and closed-end vehicle 
lease model forms also reflect this change. Section 105(a) of the TILA 
provides that the Board's regulations ``may contain such 
classifications, differentiations, or other provisions, and may provide 
for such adjustments and exceptions for any class of transactions, as 
the judgment of the Board are necessary or proper to effectuate the 
purposes of (the CLA), to prevent circumvention or evasion thereof, or 
to facilitate compliance therewith.''
4(f) Payment Calculation
4(f)(1) Gross Capitalized Cost
    As discussed in Sec. 213.2(f), ``loan'' is replaced by ``credit'' 
in Sec. 213.4(f)(1).
4(n) Fees and Taxes
    In the September 1996 final rule, Sec. 213.4(n) stated that the 
lessor must disclose the total dollar amount of all official and 
license fees, registration, title, or taxes required to be paid ``to 
the lessor'' in connection with the lease. Adding ``paid to the 
lessor'' narrowed the scope of the disclosure from the previous 
requirement. No substantive change to the requirement was intended. 
Thus, the phrase ``to the lessor'' has been deleted from this section.
4(o) Insurance
    The Board has revised the captions for paragraph 4(o)(1) and (2) to 
change the focus from voluntary and required insurance. The new 
captions more accurately reflect the requirement for the insurance 
disclosure--that insurance obtained through the lessor or through a 
third party, regardless of whether it is required or voluntary, must be 
disclosed.
4(t) Gross Capitalized Cost and Residual Value
    The final rule required the disclosure of the gross capitalized 
cost and residual value for motor vehicle open-end leases in place of 
the previous requirements to disclose the value at consummation, the 
total lease obligation, and other related disclosures pursuant to 
section 182(10) of the statute. Although such consumer leases are 
extremely rare, similar disclosures are required for non-motor vehicle 
open-end leases in order to comply with the CLA. Section 213.4(t) 
includes that requirement.

Section 213.5  Renegotiations, Extensions, and Assumptions

5(d) Exceptions
    Under Regulation M, new disclosures generally are required where a 
covered lease transaction is renegotiated or extended; however, under 
paragraph 5(d)(1) new disclosures are not required if the ``lease 
charge'' is reduced in a renegotiation or an extension of an existing 
lease. This exception was moved from the official staff commentary to 
the regulation in the final rule approved in September 1996. Two 
commenters objected to the use of the term ``rent'' stating that the 
term implies the entire lease payment and not a portion of the lease 
payment. The Board believes that it is defined differently by the 
regulation and noted as such on the open- and closed-end vehicle lease 
model forms. For clarity and consistency in terminology throughout the 
regulation, the Board has replaced the term ``lease charge'' with the 
term ``rent charge.''

Section 213.7  Advertising

    Prior to the 1996 Act, the advertising provisions required 
additional disclosure if an advertisement stated any of the following 
terms: the amount of any payment; the number of required payments; or a 
statement of any capitalized cost reduction or other payment required 
prior to or at consummation, or that no payment is required. Under the 
amendments to the CLA contained in the 1996 Act, an advertisement that 
states the number of required payments would no longer trigger 
additional disclosures.
    The 1996 Act also makes changes in all but one of the items that 
must be disclosed when a triggering term is stated in an advertisement, 
as follows:

    (1) That the transaction advertised is a lease. No change was 
made in this disclosure.
    (2) The total amount due at lease signing, or that no payment is 
required. This disclosure has been expanded to include amounts due 
at delivery if delivery occurs after consummation. The requirement 
to state that no payment is required has been eliminated.
    (3) The number, amounts, due dates or periods of scheduled 
payments, and total of such payments under the lease. The total of 
scheduled payments has been eliminated as a required disclosure.
    (4) A statement of whether or not the lessee has the option to 
purchase the leased property, and where the lessee has the option to 
purchase at the end of the lease term, the purchase-option price. 
This disclosure has been eliminated entirely.
    (5) A statement of the amount, or the method for determining the 
amount, of the lessee's liability (if any) at the end of the lease 
term. This disclosure has been eliminated entirely.
    (6) For an open-end lease, a statement of the lessee's liability 
(if any) for the difference between the residual value of the leased 
property and its realized value at the end of the lease term. This 
disclosure has been simplified to require a short statement that an 
additional charge may be imposed.


[[Page 15366]]


    The 1996 Act adds an additional disclosure requirement: a statement 
of whether or not a security deposit is required. The final rule 
implements the statutory changes.
7(b) Clear and Conspicuous Standard
7(b)(1) Amount Due at Lease Signing or Delivery
    The general rule in this paragraph states that any reference to a 
charge that is part of the total amount due at lease signing or 
delivery may not be more prominent than the disclosure of the total 
amount due at lease signing or delivery. The amount of any capitalized 
cost reduction (or no capitalized cost reduction) provided as an 
example of an amount that is a part of the total amount due at lease 
signing or delivery has been deleted. The example will be included in 
the Official Staff Commentary.
7(d) Advertisement of Terms That Require Additional Disclosure
7(d)(1) Triggering Terms
    Pursuant to the 1996 Act, the Board has deleted paragraph 
7(d)(1)(ii). Merely stating in an advertisement the number of required 
lease payments, for example, ``36 payments,'' no longer ``triggers'' 
the additional disclosures in paragraph 7(d)(2). Paragraph 7(d)(1)(iii) 
has been redesignated as paragraph 7(d)(1)(ii).
7(d)(2) Additional Terms
    An advertisement stating any item listed in paragraph 7(d)(1) is 
required to state the additional disclosures in paragraph 7(d)(2), as 
applicable. As discussed previously, the 1996 Act amends many of the 
required additional disclosures in this paragraph. The following 
changes implement the statutory amendments.
    The 1996 Act expands the disclosure of the total amount due at 
lease signing in paragraph 7(d)(2)(ii) to include ``amounts paid at 
delivery, whichever occurs later.'' Prior to the amendments, a delivery 
charge paid after consummation was not included in the total amount due 
at lease signing in Sec. 213.4(b) or in this section. Under the changes 
to implement the statutory amendment, the delivery charge is included 
in the total even if it is paid after consummation.
    The requirement to disclose under paragraph 7(d)(2)(ii) that no 
upfront payment is required was deleted by the 1996 Act. This 
requirement, inadvertently retained in the proposal, has been 
eliminated from paragraph 7(d)(2)(ii).
    The total of scheduled payments disclosure from paragraph 
7(d)(2)(iii), all of paragraph 7(d)(2)(iv), and all of paragraph 
7(d)(2)(v) have been deleted. A statement of whether or not a security 
deposit is required is added by the statute and is contained in 
paragraph 7(d)(iv). For an open-end lease, the amended statute requires 
a statement that an extra charge may be imposed at the end of the lease 
term; the regulatory provision is redesignated as paragraph 7(d)(2)(v).
    Few comments were received on the statutory changes to the 
advertising provisions. One commenter, however, requested that the 
Board retain the disclosure on lease end charges in paragraph 
7(d)(2)(v), based on a belief that deletion of paragraph 7(d)(2)(v) 
could lead to deceptive advertisements where certain costs are shifted 
from the beginning to the end of the lease so that a low monthly 
payment or low upfront costs can be advertised and not any significant 
fee required at the end of the lease. Although the commenter raises a 
valid concern, the Board believes that retaining paragraph 7(d)(2)(v) 
would not be consistent with the congressional intent to streamline the 
advertising disclosures. Paragraph 7(d)(2)(v) is deleted as proposed.
7(f) Alternative Disclosures--Television or Radio Advertisements
7(f)(1) Toll-free Number or Print Advertisement
    The 1996 Act deletes the ``total of scheduled payments'' as a 
required additional disclosure under section 184(a), the general 
advertising disclosures, but not for radio advertisements. The Board 
proposed to delete the requirement for radio advertisements based on 
its belief that in streamlining the advertising rules generally the 
Congress did not intend to require more disclosures for radio 
advertisements than advertisements through other media. Pursuant to the 
Board's exception authority under section 105(a), the Board is adopting 
as proposed a final rule to delete the disclosure of the ``total of 
scheduled payments'' for radio advertisements as well.

Appendices

    Lessors are required to provide a description of leased property 
under the CLA and Sec. 213.4(a) of Regulation M. The Board has amended 
the model forms for open- and closed-end vehicle leases disclosures to 
add among the nonsegregated disclosures a model clause for describing 
leased property.
    The Board has amended the model forms for open- and closed-end 
vehicle leases by deleting ``annual tax'' as an example of an other 
charge. Third-party fees or charges paid to the lessor but not retained 
by the lessor such as taxes are not included in the ``other charges'' 
disclosure.
    As discussed in Sec. 213.2(f), ``loan'' is replaced by ``credit'' 
in the disclosure of the gross capitalized cost on the open- and 
closed-end vehicle lease model forms.

IV. Regulatory Flexibility Analysis

    In accordance with section 3(a) of the Regulatory Flexibility Act 
(5 U.S.C. 603), the Board's Office of the Secretary has reviewed the 
amendments to Regulation M. Overall, the amendments are not expected to 
have any significant impact on small entities. The regulatory 
revisions, primarily required to implement the 1996 Act, ease 
compliance by streamlining the advertising provisions.

V. Paperwork Reduction Act

    In accordance with the Paperwork Reduction Act of 1995 (44 U.S.C. 
3506 et seq.), the Board reviewed the final rule under the authority 
delegated to the Board by the Office of Management and Budget. 5 CFR 
part 1320 Appendix A.1.
    The respondents are individuals or businesses that regularly lease, 
offer to lease, or arrange for the lease of personal property under a 
consumer lease. The purpose of the disclosures associated with 
Regulation M is to ensure that lessees of personal property receive 
meaningful information that enables them to compare lease terms with 
other leases and, where appropriate, with credit transactions. Records 
required to evidence compliance with the regulation must be retained 
for twenty-four months. The revisions to the collection of information 
requirements in this proposed rule are found in 12 CFR 213.4, 213.5, 
and 213.7 and appendices A-1 and 2.
    Regulation M applies to all types of financial institutions, not 
just state member banks. Under the Paperwork Reduction Act, however, 
the Federal Reserve accounts for the paperwork burden associated with 
Regulation M only for state member banks. Any estimates of paperwork 
burden for institutions other than state member banks affected by the 
amendments would be provided by the federal agency or agencies that 
supervise those lessors. The Federal Reserve has found that few state 
member banks engage in consumer leasing and that while the prevalence 
of leasing has increased in recent years, it has not increased 
substantially among state member banks. It also has found that among 
state member banks that engage in consumer

[[Page 15367]]

leasing, only a very few advertise consumer leases.
    The revisions to Secs. 213.4 and 213.5 are estimated to have no 
effect on the hour burden that the regulation imposes. The revisions to 
Sec. 213.7, while more substantive, are expected to have no net effect 
on the hour burden.
    The current hour burden for state member banks, as of the September 
1996 final rule, is estimated to be eighteen minutes for the 
disclosures and twenty-five minutes for advertising. It is estimated 
that there will be 310 respondents and an average frequency of 120 
responses per respondent each year. The total amount of annual hour 
burden at all state member banks is estimated to be 11,179 hours. 
Start-up cost burden associated with the September 1996 final rule was 
estimated to be $12,000 per respondent, amounting to a total of 
$3,720,000 for state member banks. The Federal Reserve estimates that 
this amount is sufficient to cover any costs of the final rule. These 
estimates are the same as those included in the notice of proposed 
rulemaking since no comments specifically addressing the burden 
estimate were received.
    The disclosures made by lessors to consumers under Regulation M are 
mandatory (15 U.S.C. 1667 et seq.). Consumer lease information in 
advertisements is available to the public. Disclosures of the costs, 
liabilities, and terms of consumer lease transactions relating to 
specific leases are not publicly available. Because the Federal Reserve 
does not collect any information, no issue of confidentiality under the 
Freedom of Information Act normally arises. If the Board were to obtain 
information through examination of a supervised institution, the 
information would be kept confidential. 5 U.S.C. 552(b)(8).
    An agency may not conduct or sponsor, and an organization is not 
required to respond to, this information collection unless it displays 
a currently valid OMB control number. The OMB control number is 7100-
0202.
    The Federal Reserve has a continuing interest in members of the 
public's opinions of our collections of information. At any time, 
comments regarding the burden estimate, or any other aspect of this 
collection of information, including suggestions for reducing the 
burden, may be sent to: Secretary, Board of Governors of the Federal 
Reserve System, 20th and C Streets, NW., Washington, DC 20551; and to 
the Office of Management and Budget, Paperwork Reduction Project (7100-
0202), Washington, DC 20503.

List of Subjects in 12 CFR Part 213

    Advertising, Federal Reserve System, Reporting and recordkeeping 
requirements, Truth in Lending.

    For the reasons set forth in the preamble, the Board amends 12 CFR 
part 213 as follows:

PART 213--CONSUMER LEASING (REGULATION M)

    1. The authority citation for part 213 continues to read as 
follows:

    Authority: 15 U.S.C. 1604.

    2. Section 213.1 is amended by revising paragraph (a) to read as 
follows:


Sec. 213.1  Authority, scope, purpose, and enforcement.

    (a) Authority. The regulation in this part, known as Regulation M, 
is issued by the Board of Governors of the Federal Reserve System to 
implement the consumer leasing provisions of the Truth in Lending Act, 
which is Title I of the Consumer Credit Protection Act, as amended (15 
U.S.C. 1601 et seq.). Information collection requirements contained in 
this regulation have been approved by the Office of Management and 
Budget under the provisions of 44 U.S.C. 3501 et seq. and have been 
assigned OMB control number 7100-0202.
* * * * *
    3. Section 213.2 is amended by revising the first sentence of 
paragraph (f) to read as follows:


Sec. 213.2  Definitions.

* * * * *
    (f) Gross capitalized cost means the amount agreed upon by the 
lessor and the lessee as the value of the leased property and any items 
that are capitalized or amortized during the lease term, including but 
not limited to taxes, insurance, service agreements, and any 
outstanding prior credit or lease balance. * * *
* * * * *
    4. Section 213.4 is amended as follows:
    a. Paragraph (b) is revised;
    b. Paragraph (f)(1) is revised.
    c. Paragraph (n) is revised;
    d. The headings of paragraphs (o)(1) and (o)(2) are revised; and
    e. New paragraph (t) is added.
    The revisions and additions read as follows:


Sec. 213.4  Content of disclosures.

* * * * *
    (b) Amount due at lease signing or delivery. The total amount to be 
paid prior to or at consummation or by delivery, if delivery occurs 
after consummation, using the term ``amount due at lease signing or 
delivery.'' The lessor shall itemize each component by type and amount, 
including any refundable security deposit, advance monthly or other 
periodic payment, and capitalized cost reduction; and in motor-vehicle 
leases, shall itemize how the amount due will be paid, by type and 
amount, including any net trade-in allowance, rebates, noncash credits, 
and cash payments in a format substantially similar to the model forms 
in appendix A of this part.
* * * * *
    (f) Payment calculation. * * *
    (1) Gross capitalized cost. The gross capitalized cost, including a 
disclosure of the agreed upon value of the vehicle, a description such 
as ``the agreed upon value of the vehicle [state the amount] and any 
items you pay for over the lease term (such as service contracts, 
insurance, and any outstanding prior credit or lease balance),'' and a 
statement of the lessee's option to receive a separate written 
itemization of the gross capitalized cost. If requested by the lessee, 
the itemization shall be provided before consummation.
* * * * *
    (n) Fees and taxes. The total dollar amount for all official and 
license fees, registration, title, or taxes required to be paid in 
connection with the lease.
    (o) Insurance. * * *
    (1) Through the lessor. * * *
    (2) Through a third party. * * *
* * * * *
    (t) Non-motor vehicle open-end leases. Non-motor vehicle open-end 
leases remain subject to section 182(10) of the act regarding end of 
term liability.
    5. Section 213.5 is amended by revising paragraph (d)(1) to read as 
follows:


Sec. 213.5  Renegotiations, extensions, and assumptions.

* * * * *
    (d) Exceptions. * * *
    (1) A reduction in the rent charge;
* * * * *
    6. Section 213.7 is amended as follows:
    a. Paragraph (b)(1) is revised;
    b. Paragraph (d)(1)(i) is revised, paragraph (d)(1)(ii) is removed, 
and paragraph (d)(1)(iii) is redesignated as (d)(1)(ii) and 
republished;
    c. Paragraphs (d)(2)(ii) and (d)(2)(iii) are revised, paragraph 
(d)(2)(iv) is removed, paragraphs (d)(2)(v) and (d)(2)(vi) are revised 
and redesignated as paragraphs (d)(2)(iv) and (d)(2)(v), and paragraph 
(d)(2)(i) is republished respectively.
    The revisions and republications read as follows:

[[Page 15368]]

Sec. 213.7  Advertising.

* * * * *
    (b) Clear and conspicuous standard. * * *
    (1) Amount due at lease signing or delivery. Except for the 
statement of a periodic payment, any affirmative or negative reference 
to a charge that is a part of the disclosure required under paragraph 
(d)(2)(ii) of this section shall not be more prominent than that 
disclosure.
* * * * *
    (d) Advertisement of terms that require additional disclosure--(1) 
Triggering terms. An advertisement that states any of the following 
items shall contain the disclosures required by paragraph (d)(2) of 
this section, except as provided in paragraphs (e) and (f) of this 
section:
    (i) The amount of any payment; or
    (ii) A statement of any capitalized cost reduction or other payment 
required prior to or at consummation or by delivery, if delivery occurs 
after consummation.
    (2) Additional terms. An advertisement stating any item listed in 
paragraph (d)(1) of this section shall also state the following items:
    (i) That the transaction advertised is a lease;
    (ii) The total amount due prior to or at consummation or by 
delivery, if delivery occurs after consummation;
    (iii) The number, amounts, and due dates or periods of scheduled 
payments under the lease;
    (iv) A statement of whether or not a security deposit is required; 
and
    (v) A statement that an extra charge may be imposed at the end of 
the lease term where the lessee's liability (if any) is based on the 
difference between the residual value of the leased property and its 
realized value at the end of the lease term.
* * * * *
    7. Appendix A to part 213 is amended by revising Appendix A-1 and 
Appendix A-2 to read as follows:

BILLING CODE 6210-01-P

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    By order of the Board of Governors of the Federal Reserve System, 
March 27, 1997.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 97-8200 Filed 3-31-97; 8:45 am]
BILLING CODE 6210-01-C