True or False: It's considered best practice to abide by TILA/Reg. Z or CFA/Reg M regulations when a purchase or lease exceeds $58,300.

Adhering to TILA (Truth in Lending Act) and Regulation Z or CFA (Consumer Financial Protection Act) and Regulation M is indeed considered best practice when transactions, such as purchases or leases, exceed $58,300. TILA provides clear guidelines regarding the disclosure of credit terms, aiming to ensure that consumers are fully informed about the costs associated with credit, including interest rates and fees. Regulation Z enforces these provisions, demanding transparency and protecting consumers from deceptive lending practices.

When it comes to leases, Regulation M governs the disclosures necessary for lease agreements, ensuring consumers understand payment obligations and other important conditions of a lease. By adhering to these regulations for transactions above this threshold, businesses can offer greater transparency and fairness to their customers, aligning with best practices in consumer protection.

The focus on transactions exceeding $58,300 is significant because higher-value transactions often carry more complex terms and conditions. Compliance with TILA, Regulation Z, and Regulation M helps to foster a more trustworthy marketplace, particularly in significant financial commitments such as those involving large purchases or leases.

These regulations do not apply universally; they are specific to consumer transactions rather than commercial transactions or leases alone. Therefore, the answer is true, as following these regulations serves as a crucial means of enhancing