[Federal Register: November 14, 2005 (Volume 70, Number 218)]
[Notices]
[Page 69152]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr14no05-50]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System
SUMMARY: Background. Notice is hereby given of the final approval of
proposed information collection by the Board of Governors of the
Federal Reserve System (Board) under OMB delegated authority, as per 5
CFR 1320.16 (OMB Regulations on Controlling Paperwork Burdens on the
Public). Board-approved collections of information are incorporated
into the official OMB inventory of currently approved collections of
information. Copies of the OMB 83-I and supporting statements and
approved collection of information instrument(s) are placed into OMB's
public docket files. The Federal Reserve may not conduct or sponsor,
and the respondent is not required to respond to, an information
collection that has been extended, revised, or implemented on or after
October 1, 1995, unless it displays a currently valid OMB control
number.
FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance
Officer Michelle Long--Division of Research and Statistics, Board of
Governors of the Federal Reserve System, Washington, DC 20551 (202-452-
3829).
OMB Desk Officer Mark Menchik--Office of Information and Regulatory
Affairs, Office of Management and Budget, New Executive Office
Building, Room 10235, Washington, DC 20503, or email to
mmenchik@omb.eop.gov.
Final approval under OMB delegated authority of the extension for three
years, without revision of the following report:
Report title: The Recordkeeping and Disclosure Requirements in
Connection with Regulation M (Consumer Leasing)
Agency form number: Reg M
OMB control number: 7100-0202
Frequency: on occasion
Reporters: consumer lessors
Annual reporting hours: disclosures, 3,509 hours; and advertising,
25 hours
Estimated average hours per response: disclosures, 6.5 minutes; and
advertising, 25 minutes
Number of respondents: 270
General description of report: This information collection is
mandatory sections 105(a) and 187 of TILA (15 U.S.C. Sec. Sec. 1604(a)
and 1667(f) is not given confidential treatment.
Abstract: The Consumer Leasing Act and Regulation M are intended to
provide consumers with meaningful disclosures about the costs and terms
of leases for personal property. The disclosures enable consumers to
compare the terms for a particular lease with those for other leases
and, when appropriate, to compare lease terms with those for credit
transactions. The act and regulation also contain rules about
advertising consumer leases and limit the size of balloon payments in
consumer lease transactions. The information collection pursuant to
Regulation M is triggered by specific events. All disclosures must be
provided to the lessee prior to the consummation of the lease and when
the availability of consumer leases on particular terms is advertised.
Board of Governors of the Federal Reserve System, November 8,
2005.
Robert deV. Frierson,
Deputy Secretary of the Board.
[FR Doc. E5-6256 Filed 11-10-05; 8:45 am]
BILLING CODE 6210-01-S