Consumer Leasing Act of 1976
Public Law 94-240 · H.R. 8835 · 94th Congress · began in the House
Signed by Gerald Ford (R) on Mar 23, 1976 · Commerce
Sponsor: Rep. Frank Annunzio (D-IL-11)
Cosponsors (8): Rep. William Barrett, Rep. Walter Fauntroy,
Passage votes
- HouseMethod not stated
- SenateMethod not stated
Data notes
The final version of the law, as each chamber passed it. A chamber that passed it by voice vote or unanimous consent has no count. “Method not stated” means the record does not say how the chamber voted. Where the record has a member-by-member vote, the “Who voted for it” section shows who voted yea.
Summary
The Congressional Research Service’s plain-language summary of what the law does.
Consumer Leasing Act - Declares it a purpose of the Truth in Lending Act to assure a meaningful disclosure of the terms of a consumer lease so as to enable the lessee to compare more readily the various lease terms available to him, to limit balloon payments, to enable comparison of lease terms with other credit terms, and to assure meaningful and accurate advertisements.
Requires each lessor to give to each lessee prior to the consummation of a consumer lease specified disclosures in a clear and conspicuous manner, including a brief description or identification of the leased property; the amount of any payment required of the lessee at the inception of the lease; a statement notifying the lessee of liability for the differential between the anticipated fair market value of the property and its appraised actual value at the end of the lease; a statement of the amount of any liabilities the lease imposes upon the lessee at the end of the lease; a statement identifying all express warranties; a description of insurance provided; and a description of any security interest held by the lessor.
Limits the liability of the lessee by requiring that the estimate residual value of the leased property be a reasonable approximation of the anticipated actual fair market value of the property on the lease's expiration.
Provides that where the lessee has such liability on the expiration of a consumer lease there shall be a rebuttable presumption that the lessor's estimated residual value is not in good faith to the extent that it exceeds the actual residual value by more than three times the average payment allocable to a monthly period under the lease.
Requires consumer lease advertising to include information about such leases.
Makes a lessor who violates the provisions of this Act civilly liable to the lessee.
Declares that the provisions of this Act do not exempt any person from complying with State law except to the extent that those laws are inconsistent with any provision of this Act.
Effectuates this Act one year after enactment.
Committees
The committees the bill was sent to, and what each did with it.
Data notes
A committee links to its page only where it exists in the current Congress; older and renamed committees are named without a link.
Timeline
From introduction to signing, newest first: the committees, the floor and the president. 23 actions.
- Mar 23, 1976Became lawBecame law · Signed by President.
- PresidentPresident · Public law 94-240.
- Mar 11, 1976PresidentPresident · Measure presented to President.
- PresidentPresident · Measure enrolled in Senate.
- PresidentPresident · Measure enrolled in House.
- Mar 9, 1976Resolving differencesResolving differences · Senate agreed to conference report.
- Resolving differencesResolving differences · Conference report agreed to in Senate: Senate agreed to conference report.
- Resolving differencesResolving differences · House agreed to conference report.
- Resolving differencesResolving differences · Conference report agreed to in House: House agreed to conference report.
- Resolving differencesResolving differences · Conference report filed in Senate, S. Rept. 94-686.
- Resolving differencesResolving differences · Conference report filed: Conference report filed in Senate, S. Rept. 94-686.
- Mar 4, 1976Resolving differencesResolving differences · Conference report filed in House, H. Rept. 94-872.
- Resolving differencesResolving differences · Conference report filed: Conference report filed in House, H. Rept. 94-872.
- Feb 19, 1976Resolving differencesResolving differences · Conference scheduled in Senate.
- Feb 18, 1976Resolving differencesResolving differences · Conference scheduled in House.
- Feb 2, 1976FloorFloor · Measure passed Senate, amended.
- FloorFloor · Measure called up by unanimous consent in Senate.
- Jan 21, 1976CommitteeCommittee · Reported by Senate Banking, Housing, and Urban Affairs Committee
- Oct 29, 1975CommitteeCommittee · Referred to Senate Banking, Housing, and Urban Affairs Committee
- Oct 28, 1975FloorFloor · Measure passed House, amended, roll call #643 (339-41).House roll call 643
- Oct 20, 1975CommitteeCommittee · Reported by House Financial Services Committee
- Jul 23, 1975CommitteeCommittee · Referred to House Financial Services Committee
- IntroducedIntroduced · Introduced in the House
Data notes
Shows the introduction, each committee and subcommittee step the source dates (referral, hearings, markup, report, discharge), and the floor, conference, presidential and became-law steps. Calendar placements, messages between the chambers, amendments and committee report numbers are not shown for laws before the 108th Congress. Two entries the source lists twice are shown once.
Official record
The bill’s full text and every action, including introduction and committee steps, are on Congress.gov. Data through Oct 7, 2026.