Consumer Lease and Rental Purchase Agreement Act

[AI summary unavailable — showing source text] Consumer Lease and Rental Purchase Agreement Act - Amends the Consumer Credit Protection Act to add Title X, Consumer Lease and Rental - Purchase Act. Sets forth findings, purposes, and definitions. Exempts from coverage under this Act: (1) commercial leases and rental-purchase agreements primarily for business, commercial or agricultural purpose or those made with government agencies or instrumentalities or with organizations; and (2) safe deposit box leases. Directs the Federal Reserve Board to promulgate regulations to implement the provisions of this Act. Requires the lessor to disclose in a consumer lease concerning personal property certain specified information, including the total initial payments to the lessor and the total of scheduled payments. Sets forth substantive rights that limit the consumer's liability at early termination or at the end of the lease term. Allows the lessor to base the consumer's liability on the anticipated residual value of the leased property. Presumes the anticipated residual value to be unreasonable, and uncollectable, when it exceeds the actual residual value by more than three times the average payment allocable to a month. Requires a lessor…