Certified Regulatory Compliance Manager (CRCM) — Question 100

Under Regulation M, what is a "consumer lease"?

Answer options

• A. Any lease of $25,000
• B. A consumer lease for $25,000 or less with an option to own the property after the lease expires
• C. A consumer lease for $25,000 or less for the use of personal property
• D. Any consumer or agricultural lease for $25,000 or less

Correct answer: C

Explanation

The correct answer is C, which specifies that a consumer lease is defined as one for $25,000 or less specifically for personal property use. Option A is incorrect because it does not specify the property type, while B introduces an ownership option that is not part of the consumer lease definition. Option D incorrectly includes agricultural leases, which are not considered consumer leases under Regulation M.