Certified Regulatory Compliance Manager (CRCM) — Question 41

In Consumer Leasing Act Content of non-segregated disclosures may be made separately or as part of another document (such as the lease agreement); however, other information cannot be stated, used, or placed so as to mislead or confuse the consumer. Other disclosures include all of the following EXCEPT:

Answer options

• A. A statement of the conditions under which the lessee or lessor may terminate the lease before the end of the lease term, along with the amount (or a description of the method of how the amount is determined) of any penalty or other charge for early termination
• B. Whether the lessee has the option to purchase the leased property during the lease term and, if applicable, the purchase price (or method for determining it) and when the lessee may exercise it
• C. The lessee's right to an independent appraisal of the property if the lessee's liability at the end of the lease is based on the realized value of the leased property, and that the appraisal will be binding on all parties
• D. A statement of maintenance responsibilities including the counter bank responsible and a description of the responsibility

Correct answer: D

Explanation

The correct answer is D because the statement of maintenance responsibilities is not a required disclosure under the Consumer Leasing Act. Options A, B, and C are all essential disclosures that provide critical information regarding lease termination, purchase options, and appraisal rights, which are necessary for consumer awareness.