Certified Regulatory Compliance Manager (CRCM) — Question 38

Content of segregated disclosures in Consumer Leasing Act include all of the following
EXCEPT:

Answer options

• A. Amount due at lease signing or delivery, itemized by type and amount, including: Refundable security deposit Advance monthly or other periodic payment Capitalized cost reduction An itemization of how the amount due will be paid, by type and amount (only required in a motor vehicle lease), using the model form
• B. Number, amount, and due date of payments scheduled and the total amount of periodic payments
• C. In an open-end lease, the descriptive statement "You will owe an additional amount if the actual value of the vehicle is less than the residual value"
• D. If there are multiple items of property, the property description may be separate

Correct answer: D

Explanation

The correct answer is D because the Consumer Leasing Act does not specifically require multiple property descriptions to be separate. Options A, B, and C all detail required disclosures that must be included in the segregated disclosures, making them necessary elements of the act.