Source: http://www.law.cornell.edu/cfr/text/12/213/appendix-SupplementI
Timestamp: 2013-12-11 07:47:43
Document Index: 226227377

Matched Legal Cases: ['art 213', 'art 213', 'art 213', 'art 213', '§ 213', '§ 213', '§ 213', '§ 213', '§ 213', '§ 213', '§ 213', '§ 213']

12 CFR 213, Supplement I to Part 213 - Official Staff Commentary to Regulation M | Title 12 - Banks and Banking | Code of Federal Regulations | LII / Legal Information Institute
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12 CFR 213, Supplement I to Part 213 - Official Staff Commentary to Regulation M
1. Official status. The commentary in Supplement I is the vehicle by which the Division of Consumer and Community Affairs of the Federal Reserve Board issues official staff interpretations of Regulation M (12 CFR qart 213 ). Good faith compliance with this commentary affords protection from liability under section 130(f) of the Truth in Lending Act (15 U.S.C. 1640(f) ). Section 130(f) protects lessors from civil liability for any act done or omitted in good faith in conformity with any interpretation issued by a duly authorized official or employee of the Federal Reserve System.
1. Coverage. Section 213.4(d) requires the disclosure of charges that are anticipated by the parties incident to the normal operation of the lease agreement. If a lessor is unsure whether a particular fee is an “other charge,” the lessor may disclose the fee as such without violating § 213.4(d) or the segregation rule under § 213.3(a)(2).
2. Lessor's payment of attorney's fees. Section 183(a) of the act requires that the lessor pay the lessee's attorney's fees in all actions under § 213.4(m), whether successful or not.
3. Total contractual obligation of advertised lease. Section 213.7 applies to advertisements for consumer leases, as defined in § 213.2(e). Under § 213.2(e), a consumer lease is exempt from the requirements of this Part if the total contractual obligation exceeds the threshold amount in effect at the time of consummation. See comment 2(e)-9. Accordingly, § 213.7 does not apply to an advertisement for a specific consumer lease if the total contractual obligation for that lease exceeds the threshold amount in effect when the advertisement is made. If a lessor promotes multiple consumer leases in a single advertisement, the entire advertisement must comply with § 213.7 unless all of the advertised leases are exempt under § 213.2(e). For example:
[Reg. M, 62 FR 16058, Apr. 4, 1997, as amended at 63 FR 52115, Sept. 29, 1998; 64 FR 16613, 16614, Apr. 6, 1999; 66 FR 17328, Mar. 30, 2001; 72 FR 63461, Nov. 9, 2007; 76 FR 18353, Apr. 4, 2011; 76 FR 35721, June 20, 2011]