Source: https://www.consumerfinance.gov/policy-compliance/rulemaking/regulations/1013/5/
Timestamp: 2019-07-20 01:11:44
Document Index: 512242458

Matched Legal Cases: ['art 1013', '§ 1013', '§ 1013', '§ 1013', '§ 1013', '§ 1013', '§ 1013']

12 CFR Part 1013 - Consumer Leasing (Regulation M) | Consumer Financial Protection Bureau
§ 1013.5 Renegotiations, extensions, and assumptions.
Official interpretation of 5(a) Renegotiation Show Hide
i. If the renegotiated lease covers the 36-month period beginning January 1, 1998, the new disclosures would reflect all payments made by the lessee on the initial lease and all payments on the renegotiated lease. In this example, since the renegotiated lease covers a 36-month period beginning January 1, 1998, the disclosures must reflect payments made since that date. On the model form, the “total of base periodic payments” disclosed under § 1013.4(f)(7) should reflect periodic payments to be made over the entire 36-month term. Payments received since January 1, 1998, are added as a new line item disclosed as “total of payments received” and are subtracted from the “total of base periodic payments” in calculating a new item disclosed as the “total of base periodic payments remaining.” For example, if 6 monthly payments of $300 were received since January 1, 1998, the disclosure form should include a “total of base periodic payments” line from which $1,800 is subtracted to arrive at the “total of base periodic payments remaining.” The remainder of the disclosures would not change.
See interpretation of 5(a) Renegotiation in Supplement I
Official interpretation of 5(b) Extension Show Hide
See interpretation of 5(b) Extension in Supplement I
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