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Notice

Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB

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Information about this document as published in the Federal Register.

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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 Paperwork Reduction Act Submission, 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.

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FOR FURTHER INFORMATION CONTACT:

Federal Reserve Board Clearance Officer —Michelle Shore—Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, DC 20551 (202-452-3829).

OMB Desk Officer—Kimberly P. Nelson—Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, Room 10235, Washington, DC 20503.

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, 533 hours; and advertising, 40 hours.

Estimated average hours per response: Disclosures, 6.5 minutes; and advertising, 25 minutes.

Number of respondents: 24.

General description of report: This information collection is mandatory (sections 105(a) and 187 of TILA (15 U.S.C. 1604(a) and 1667f)) and 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.

Current actions: On July 14, 2008, the Federal Reserve published a notice in the Federal Register (73 FR 40349) requesting public comment for 60 days on the extension, without revision, of this information collection. The comment period for this notice expired on September 12, 2008. The Federal Reserve did not receive any comments.

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Board of Governors of the Federal Reserve System.

Dated: September 24, 2008.

Jennifer J. Johnson,

Secretary of the Board.

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[FR Doc. E8-22773 Filed 9-26-08; 8:45 am]

BILLING CODE 6210-01-P