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SECTION 1. SHORT TITLE.

(a) Short Title.--This Act may be cited as the ''Consumer
Automobile Lease Advertising Improvement Act of 2001''.
(b) Reference.--Whenever in this Act an amendment or repeal is
expressed in terms of an amendment to, or repeal of, a section or other
provision, the reference shall be considered to be made to a section or
other provision of the Consumer Credit Protection Act.

SEC. 2. FINDINGS AND PURPOSE.

(a) Findings.--The Congress finds the following:
(1) There has been a continuing trend toward leasing of
automobiles by consumers as an alternative to installment
credit sales, with automobile leases now constituting over one-
third of all new automobile transactions.
(2) Current automobile leasing practices do not provide
consumers with consistent or adequate information to permit
comparison shopping among lease offerings. Important
information about lease costs and terms are not available until
the consumer visits an automobile dealership, are typically
provided only as part of lease negotiations, and often are not
fully disclosed until the signing of the lease documents.
(3) Automobile lease advertisements tend to confuse and
mislead consumers by highlighting the most attractive terms of
leases, by minimizing or omitting additional costs, terms or
penalties, and by advertising monthly payment amounts based on
lease terms that are different from those customarily offered
to or selected by consumers.
(4) With leases accounting for a large and growing
percentage of all new automobile transactions, there is
increasing need for automobile manufacturers, automobile
dealers and other firms involved in leasing to provide more
relevant and easily understood information in advertising and
in writing at the auto dealership to permit consumers to
evaluate intelligently the attractiveness of leases offered by
an automobile dealership, to compare terms of leases offered
and advertised by competing dealerships, and to compare the
benefits of automobile leases with alternative purchase
transactions.
(b) Purpose.--The purpose of the amendments made by this Act is to
provide consumers with more relevant and easily understood information
regarding the terms and costs of lease offerings earlier in the leasing
process to permit consumers to compare lease and purchase options and
to comparison shop among competing lease opportunities.

SEC. 3. APPLICABLE CONSUMER LEASES.

Section 181(1) of the Consumer Credit Protection Act (15 U.S.C.
1667(1)) is amended--
(1) by striking ''$25,000'' and inserting ''$75,000''; and
(2) by adding at the end the following: ''The limit on the
contractual obligation which comes within such term shall be
adjusted annually based upon the change reported in the
Consumer Price Index by the Department of Labor in June of the
preceding year.''.

SEC. 4. GENERAL LEASE ADVERTISING.

(a) Amendments.--Section 184(a) (15 U.S.C. 1667c) is amended--
(1) by striking ''(a)'' and inserting ''(a)(1)'';
(2) by redesignating paragraphs (1) through (5) as
subparagraphs (A) through (E), respectively;
(3) by adding at the end the following:
''(2) Identification in a television advertisement of the
advertised transaction as a lease, as required by paragraph
(1)(A), shall be included in both the audio and video portions
of the television advertisement.
''(3) The requirements of this subsection shall apply to
all advertisements for a consumer lease, including
advertisements on television, radio and videotape; print
advertisements in publications, newsletters and fliers;
advertisements by toll-free telephone numbers; and
advertisements in electronic media, including Internet web
pages, e-mail, CD-ROMs and interactive computer services.''.
(b) Conforming Amendments.--Section 184(c) (15 U.S.C. 1667c(c)) is
amended by striking ''subsection (a)'' each time it occurs and
inserting ''subsection (a)(1)'' and in paragraph (1) by striking
''paragraphs (1) and (2)'' and inserting ''subparagraphs (A) and (B)''.

SEC. 5. ADVERTISEMENT FOR AUTOMOBILE LEASE.

Section 184 (15 U.S.C. 1667c) is amended by adding at the end the
following new subsection:
''(d) Advertisement for Automobile Lease.--
''(1) In general.--An advertisement to promote a lease for
an automobile that includes a scheduled lease payment amount
that applies only to a single vehicle, or to a limited number
of vehicles of the same vehicle make, model and year, shall
clearly and conspicuously state that the advertised payment
amount applies only to a single vehicle, or shall clearly and
conspicuously state the number of vehicles of the same vehicle
make and model to be made available for lease at the advertised
payment amount.
''(2) Lease payment amounts.--
''(A) An advertisement to promote a lease for an
automobile that states a lease payment amount, or must
state a lease payment amount under subsection
(a)(1)(D), shall calculate such payment amount on the
basis of a lease payment formula which the Board shall
set forth in regulation and which shall be based on the
following information--
''(i) the total capitalized cost of the
vehicle model advertised, which shall not be
reduced or adjusted by any down payment amount,
capitalized cost reduction, vehicle trade-in
amount or other required payment;
''(ii) a lease term of twenty-four (24)
months, or such other lease term that the Board
may determine in regulation as representative
of prevailing industry practice; and
''(iii) a mileage allowance before any
excess mileage charge may be imposed of 12,000
miles for each year of the lease term, or such
other annual mileage allowance which the Board
may determine in regulation as providing a more
representative estimate of vehicle use and
potential costs to the consumer.
''(B) An advertisement to promote a lease for an
automobile that states a lease payment for a vehicle
model as provided under subparagraph (A) may state a
lease payment amount for the same vehicle model that is
different than that required to be stated under
subparagraph (A), except that--
''(i) the lease payment amount is not
presented more prominently than the lease
payment amount required to be stated under
subparagraph (A); and
''(ii) the advertisement clearly and
conspicuously identifies the lease terms or
payment amounts that explain the difference
between the lease payment amount and the
payment amount required to be stated under
subparagraph (A).''.

SEC. 6. AVAILABILITY OF LEASE INFORMATION.

Section 184 (15 U.S.C. 1667c) is amended by inserting after
subsection (d) (as added by section 5) the following new subsection:
''(e) Availability of Information.--An automobile dealer that
engages in any advertising to promote or assist a consumer lease, or
that participates in any advertised national or regional promotion for
a consumer lease, shall make available to the public, as appropriate
and in such format as the Board shall determine in regulation, the
following information:
''(1) Customer incentives.--A written and dated statement
that shall be placed in a conspicuous and prominent location in
the dealership that sets out clearly and accurately for each
vehicle model offered by the dealer, as applicable, the
incentives, special offers or promotions available for the
benefit of consumers in conjunction with consumer lease,
purchase and installment credit transactions, that shall
include--
''(A) special interest rates that are offered by
automobile manufacturers, financial institutions and
leasing companies;
''(B) special incentives, including cash rebates
and vehicle residual percentages that are offered by
automobile manufacturers directly to consumers; and
''(C) special incentives and lease terms, including
vehicle discounts, residual value percentages and other
vehicle promotions that are offered to consumers by the
dealer.
''(2) Available leases.--A written and dated statement for
each vehicle model that the dealer makes available for lease to
consumers that shall be placed in a conspicuous and prominent
location in the dealership, and copies of which shall be made
available to individual consumers upon request, that sets out
clearly and accurately the following terms applicable to leases
for such vehicle models--
''(A) the rebates and other incentives available
for consumers;
''(B) the money factor, or lease interest factor,
that shall be stated as a decimal number and as an
equivalent approximate annual percentage rate; and
''(C) the vehicle residual value, that shall be
stated as a percentage of the retail price (MSRP) of
such vehicle model.''.

SEC. 7. DEFINITIONS.

Section 184 (15 U.S.C. 1667c) is amended by inserting after
subsection (e) (as added by section 6) the following new subsection:
''(f) Clearly and Conspicuously Defined.--
''(1) In general.--For purposes of this section, the term
'clearly and conspicuously' means--
''(A) in print advertisements, the required
disclosures and explanations of lease terms shall
appear in a type size, shade, contrast, prominence, and
location as to be readily noticeable, readable, and
comprehensible to an ordinary consumer;
''(B) in the video portion of television or
videotaped advertisements, the required disclosures
shall appear on the screen in a type size, shade,
contrast, prominence, and location and for a duration
as to be readily noticeable, readable, and
comprehensible to an ordinary consumer;
''(C) in the audio portion of television,
videotaped, and radio advertisements, the required
disclosures shall be delivered in a volume, cadence,
and location and for a duration as to be readily
noticeable, hearable, and comprehensible to an ordinary
consumer; and
''(D) in promotions and advertising in Internet web
pages, CD-ROMs, or interactive computer services, the
required disclosures shall appear in a type size,
shade, contrast, prominence, and location as to be
readily readable and comprehensible to users and shall
be separated from marketing and promotional information
and easily accessible under the label or heading
'Important Information for Consumers'.
''(2) Limitation.--Nothing contrary to, inconsistent with,
or in mitigation of, the required disclosures shall be used in
any advertisement in any medium and no audio, video, or print
technique shall be used that is likely to obscure or detract
significantly from the communication of the disclosures.''.

SEC. 8. ADMINISTRATIVE ENFORCEMENT.

(a) In General.--Chapter 5 of the Consumer Credit Protection Act is
amended by adding the following new section:

''SEC. 188. ADMINISTRATIVE ENFORCEMENT.

''Compliance with section 184 of this chapter shall be enforced by
the Federal Trade Commission, except to the extent that enforcement of
the requirements imposed under such section is specifically committed
to another agency under section 108(a) of this title. For purposes of
the exercise by the Commission of its functions and powers under the
Federal Trade Commission Act, a violation of section 184 shall be
deemed an unfair or deceptive act or practice in violation of that Act.
All of the functions of and powers of the Commission under the Federal
Trade Commission Act are available to the Commission to enforce
compliance by any person with such section, irrespective of whether
that person is engaged in commerce or meets any other jurisdictional
tests in the Federal Trade Commission Act, including the power to
enforce the provisions of such section in the same manner as if the
violation had been a violation of a Federal Trade Commission trade
regulation rule.''.
(b) Clerical Amendment.--The table of sections for chapter 5 of the
Truth in Lending Act is amended by adding at the end the following new
item:

''188. Administrative enforcement.''

SEC. 9. REGULATIONS.

The Board of Governors of the Federal Reserve System, not later
than 6 months after the date of the enactment of this Act, shall issue
regulations to implement the amendments made by this Act. The Board
shall also issue regulations, together with staff commentary if
appropriate, to update and clarify the requirements and definitions for
lease disclosures and any other issue relating to consumer leasing to
carry out the intent of the amendments made by this Act, to implement
any initiative to prevent the circumvention of the amendments made by
this Act, and to facilitate compliance with the requirements in the
amendments.
Consumer Automobile Lease Advertising Improvement Act of 2001 - Amends the Consumer Credit Protection Act to increase from $25,000 to $75,000 the maximum amount of a contractual obligation of a consumer lease to which the Act applies.Prescribes additional lease advertising disclosure requirements.Prescribes requirements for automobile leasing advertising.