Ill. Admin. Code tit. 14 § 475.710

Current through Register Vol. 48, No. 49, December 6, 2024

Section 475.710 - Lease Advertising Disclosures

a) It is an unfair or deceptive act to advertise the offer of a "consumer lease" if the advertisement contains any one of the following two "triggering terms": amount of any payment or a statement of any capitalized cost reduction or other payment required prior to or at consummation or by delivery, if delivery occurs after consummation, without clearly and conspicuously disclosing:

1) that the transaction is a lease in close proximity to and, where applicable, in the same decibel tone as, the amount of the periodic payment;

2) The total amount due prior to or at consummation or by delivery, if delivery occurs after consummation;

3) The number, amounts, and due dates or periods of scheduled payments under the lease;

4) A statement of whether a security deposit is required; and

5) A statement that an extra charge may be imposed at the end of the lease term where the lessee's liability (if any) is based on the difference between the residual value of the leased property and its realized value at the end of the lease term.

b) Except for the statement of a periodic payment, any affirmative or negative reference to a charge that is part of the total amount due at lease signing shall not be more prominent than that disclosure.

c) An advertisement which complies with the Consumer Leasing Act of 1976 ( 15 USC 1601 et seq.), and amendments thereto, and any regulations issued or which may be issued thereunder, shall be deemed in compliance with the provisions of this Section.

Ill. Admin. Code tit. 14, § 475.710

Amended at 25 Ill. Reg. 4819, effective March 20, 2001