(a) Except as provided in paragraph (b) of this section, the parties to
a lease or contract of conditional sale involving a U.S.-registered large
civil aircraft and entered into after January 2, 1973, shall execute a
written lease or contract and include therein a written truth-in-leasing
clause as a concluding paragraph in large print, immediately preceding the
space for the signature of the parties, which contains the following with
respect to each such aircraft:
(1) Identification of the Federal Aviation Regulations under which the
aircraft has been maintained and inspected during the 12 months preceding
the execution of the lease or contract of conditional sale, and
certification by the parties thereto regarding the aircraft's status of
compliance with applicable maintenance and inspection requirements in this
part for the operation to be conducted under the lease or contract of
conditional sale.
(2) The name and address (printed or typed) and the signature of the
person responsible for operational control of the aircraft under the lease
or contract of conditional sale, and certification that each person
understands that person's responsibilities for compliance with applicable
Federal Aviation Regulations.
(3) A statement that an explanation of factors bearing on operational
control and pertinent Federal Aviation Regulations can be obtained from
the nearest FAA Flight Standards district office.
(b) The requirements of paragraph (a) of this section do not apply --
(1) To a lease or contract of conditional sale when --
(i) The party to whom the aircraft is furnished is a foreign air
carrier or certificate holder under part 121, 125, 135, or 141 of this
chapter, or
(ii) The party furnishing the aircraft is a foreign air carrier or a
person operating under part 121, 125, and 141 of this chapter, or a person
operating under
part 135 of this chapter having authority to engage in on-demand
operations with large aircraft.
(2) To a contract of conditional sale, when the aircraft involved has
not been registered anywhere prior to the execution of the contract,
except as a new aircraft under a dealer's aircraft registration
certificate issued in accordance with §47.61 of this chapter.
(c) No person may operate a large civil aircraft of U.S. registry that
is subject to a lease or contract of conditional sale to which paragraph
(a) of this section applies, unless --
(1) The lessee or conditional buyer, or the registered owner if the
lessee is not a citizen of the United States, has mailed a copy of the
lease or contract that complies with the requirements of paragraph (a) of
this section, within 24 hours of its execution, to the Aircraft
Registration Branch, Attn: Technical Section, P.O. Box 25724, Oklahoma
City, OK 73125;
(2) A copy of the lease or contract that complies with the requirements
of paragraph (a) of this section is carried in the aircraft. The copy of
the lease or contract shall be made available for review upon request by
the Administrator, and
(3) The lessee or conditional buyer, or the registered owner if the
lessee is not a citizen of the United States, has notified by telephone or
in person the FAA Flight Standards district office nearest the airport
where the flight will originate. Unless otherwise authorized by that
office, the notification shall be given at least 48 hours before takeoff
in the case of the first flight of that aircraft under that lease or
contract and inform the FAA of --
(i) The location of the airport of departure;
(ii) The departure time; and
(iii) The registration number of the aircraft involved.
(d) The copy of the lease or contract furnished to the FAA under
paragraph (c) of this section is commercial or financial information
obtained from a person. It is, therefore, privileged and confidential and
will not be made available by the FAA for public inspection or copying
under 5 U.S.C. 552(b)(4) unless recorded with the FAA under part 49 of
this chapter.
(e) For the purpose of this section, a lease means any agreement by a
person to furnish an aircraft to another person for compensation or hire,
whether with or without flight crewmembers, other than an agreement for
the sale of an aircraft and a contract of conditional sale under section
101 of the Federal Aviation Act of 1958. The person furnishing the
aircraft is referred to as the lessor, and the person to whom it is
furnished the lessee.
(Approved by the Office of Management and Budget under control
number 2120-0005)