Voglio sapere a riguardo di…

lotter on DSK11XQN23PROD with RULES1

67850

Federal Register / Vol. 86, No. 227 / Tuesday, November 30, 2021 / Rules and Regulations
into a home and in some cases to provide fire protection.
iii. Propane gas service where the consumer must lease a propane tank to receive the service.
8. Safe deposit boxes. The lease of a safe deposit box is not a consumer lease under 213.2e.
9. Threshold amount. A consumer lease is exempt from the requirements of this part if the total contractual obligation exceeds the threshold amount in effect at the time of consummation.
The threshold amount in effect during a particular time period is the amount stated in comment 2e11 for that period. The threshold amount is adjusted effective January 1 of each year by any annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers CPIW that was in effect on the preceding June 1. Comment 2e11 will be amended to provide the threshold amount for the upcoming year after the annual percentage change in the CPIW that was in effect on June 1
becomes available. Any increase in the threshold amount will be rounded to the nearest $100 increment. For example, if the annual percentage increase in the CPIW would result in a $950 increase in the threshold amount, the threshold amount will be increased by $1,000.
However, if the annual percentage increase in the CPIW would result in a $949 increase in the threshold amount, the threshold amount will be increased by $900. If a consumer lease is exempt from the requirements of this part because the total contractual obligation exceeds the threshold amount in effect at the time of consummation, the lease remains exempt regardless of a subsequent increase in the threshold amount.
10. No increase in the CPIW. If the CPIW in effect on June 1 does not increase from the CPIW in effect on June 1 of the previous year, the threshold amount effective the following January 1 through December 31 will not change from the previous year. When this occurs, for the years that follow, the threshold is calculated based on the annual percentage change in the CPIW applied to the dollar amount that would have resulted, after rounding, if decreases and any subsequent increases in the CPIW had been taken into account.
i. Net increases. If the resulting amount calculated, after rounding, is greater than the current threshold, then the threshold effective January 1 the following year will increase accordingly.
ii. Net decreases. If the resulting amount calculated, after rounding, is
VerDate Sep<11>2014

15:56 Nov 29, 2021

Jkt 256001

equal to or less than the current threshold, then the threshold effective January 1 the following year will not change, but future increases will be calculated based on the amount that would have resulted.
11. Threshold. For purposes of 213.2e1, the threshold amount in effect during a particular period is the amount stated below for that period.
i. Prior to July 21, 2011, the threshold amount is $25,000.
ii. From July 21, 2011 through December 31, 2011, the threshold amount is $50,000.
iii. From January 1, 2012 through December 31, 2012, the threshold amount is $51,800.
iv. From January 1, 2013 through December 31, 2013, the threshold amount is $53,000.
v. From January 1, 2014 through December 31, 2014, the threshold amount is $53,500.
vi. From January 1, 2015 through December 31, 2015, the threshold amount is $54,600.
vii. From January 1, 2016 through December 31, 2016, the threshold amount is $54,600.
viii. From January 1, 2017 through December 31, 2017, the threshold amount is $54,600.
ix. From January 1, 2018 through December 31, 2018, the threshold amount is $55,800.
x. From January 1, 2019 through December 31, 2019, the threshold amount is $57,200.
xi. From January 1, 2020 through December 31, 2020, the threshold amount is $58,300.
xii. From January 1, 2021 through December 31, 2021, the threshold amount is $58,300.
xiii. From January 1, 2022 through December 31, 2022, the threshold amount is $61,000.

BUREAU OF CONSUMER FINANCIAL
PROTECTION
Authority and Issuance For the reasons set forth in the preamble, the Bureau amends Regulation M, 12 CFR part 1013, as set forth below:
PART 1013CONSUMER LEASING
REGULATION M
3. The authority citation for part 1013
continues to read as follows:

Authority: 15 U.S.C. 1604 and 1667f; Pub.
L. 111203 sec. 1100E, 124 Stat. 1376.

4. In Supplement I to part 1013, under Section 1013.2Definitions, revise 2eConsumer Lease to read as follows:

PO 00000

Frm 00020

Fmt 4700

Sfmt 4700

Supplement I to Part 1013Official Interpretations

Section 1013.2Definitions

2e Consumer Lease 1. Primary purposes. A lessor must determine in each case if the leased property will be used primarily for personal, family, or household purposes. If a question exists as to the primary purpose for a lease, the fact that a lessor gives disclosures is not controlling on the question of whether the transaction is covered. The primary purpose of a lease is determined before or at consummation and a lessor need not provide Regulation M disclosures where there is a subsequent change in the primary use.
2. Period of time. To be a consumer lease, the initial term of the lease must be more than four months. Thus, a lease of personal property for four months, three months or on a month-to-month or week-to-week basis even though the lease actually extends beyond four months is not a consumer lease and is not subject to the disclosure requirements of the regulation.
However, a lease that imposes a penalty for not continuing the lease beyond four months is considered to have a term of more than four months. To illustrate:
i. A three-month lease extended on a month-to-month basis and terminated after one year is not subject to the regulation.
ii. A month-to-month lease with a penalty, such as the forfeiture of a security deposit for terminating before one year, is subject to the regulation.
3. Total contractual obligation. The total contractual obligation is not necessarily the same as the total of payments disclosed under 1013.4e.
The total contractual obligation includes nonrefundable amounts a lessee is contractually obligated to pay to the lessor, but excludes items such as:
i. Residual value amounts or purchase-option prices;
ii. Amounts collected by the lessor but paid to a third party, such as taxes, licenses, and registration fees.
4. Credit sale. The regulation does not cover a lease that meets the definition of a credit sale in Regulation Z, 12 CFR
226.2a16, which is defined, in part, as a bailment or lease unless terminable without penalty at any time by the consumer under which the consumer:
i. Agrees to pay as compensation for use a sum substantially equivalent to, or in excess of, the total value of the property and services involved; and ii. Will become or has the option to become, for no additional consideration
E:FRFM30NOR1.SGM

30NOR1