Leasing · October 31, 2026 · 6 min read · By BizJetDocs

The 91.23 truth-in-leasing clause: dry lease requirements, the Registry copy and the 48-hour notice

What 14 CFR 91.23 requires in a large-aircraft lease: the clause, the 24-hour Registry copy, the 48-hour Flight Standards notice and the onboard copy.

Short answer: if a lease or conditional sale involves a U.S.-registered large civil aircraft (more than 12,500 pounds maximum certificated takeoff weight), 14 CFR 91.23 requires four things. The lease must be written and end with a truth-in-leasing clause in large print just above the signatures. The lessee must mail a copy to the FAA Aircraft Registration Branch within 24 hours of signing. The lessee must notify the responsible Flight Standards office at least 48 hours before the first flight under the lease. And a copy must be carried in the aircraft. Missing any one of them means the aircraft cannot lawfully be operated under that lease (91.23(c)).

Does it apply to your lease?

Section 91.23(a) applies to "a lease or contract of conditional sale involving a U.S.-registered large civil aircraft." 14 CFR 1.1 defines large aircraft as "aircraft of more than 12,500 pounds, maximum certificated takeoff weight." Section 91.23(e) defines a lease as "any agreement by a person to furnish an aircraft to another person for compensation or hire, whether with or without flight crewmembers," other than a sale or conditional sale contract.

Section 91.23(b) lists the exceptions. The clause requirements do not apply when the party receiving the aircraft is a foreign air carrier or a Part 121, 125, 135 or 141 certificate holder; when the party furnishing it is a foreign air carrier, a Part 121, 125 or 141 operator, or a Part 135 operator authorized for on-demand operations with large aircraft; or to a conditional sale of an aircraft never registered anywhere except as a new aircraft under a dealer's certificate.

FAA Order 8900.1, Volume 3, Chapter 13, Section 6, also says time-sharing and interchange agreements involving large aircraft are subject to 91.23.

What the clause must say

Under 91.23(a), the clause must be "a concluding paragraph in large print, immediately preceding the space for the signature of the parties," and must contain, for each aircraft:

1. The regulations under which the aircraft has been maintained and inspected during the 12 months before the lease, and the parties' certification of its compliance status with the applicable maintenance and inspection requirements for the operation to be conducted under the lease (91.23(a)(1)).
2. The printed name, address and signature of the person responsible for operational control under the lease, and a certification that each person understands its responsibilities for compliance (91.23(a)(2)).
3. A statement that an explanation of the factors bearing on operational control and the pertinent regulations can be obtained from the responsible Flight Standards office (91.23(a)(3)).

AC 91-37B, Figure 1, gives a sample clause. If the aircraft was maintained under Part 91 for part of the prior 12 months and under Part 121 for the rest, the AC says to specify the dates and part for each period.

The three things you do after signing

1. Registry copy within 24 hours. Section 91.23(c)(1) requires the lessee or conditional buyer (or the registered owner if the lessee is not a U.S. citizen) to mail a copy of the lease, within 24 hours of execution, to the Aircraft Registration Branch, Attn: Technical Section, P.O. Box 25724, Oklahoma City, OK 73125. AC 91-37B, paragraph 9, notes that this filing "does not constitute filing under 14 CFR part 47 or 49 to register the aircraft, or to record for public notice." Section 91.23(d) says the FAA treats the copy as privileged commercial information.

2. Flight Standards notice at least 48 hours before the first flight. Section 91.23(c)(3) requires notice to the responsible Flight Standards office, by telephone or in person, at least 48 hours before takeoff on the first flight of that aircraft under that lease, unless the office authorizes otherwise. You must give the departure airport, departure time and registration number. 8900.1, Volume 3, Chapter 13, Section 6, paragraph 3-503, says the office manager may accept less notice where 48 hours would create a hardship, considering inspector availability, the departure airport location and prior surveillance of the operator. AC 91-37B, paragraph 10.1, adds that email may be accepted at the discretion of the office.

3. Copy on board. Section 91.23(c)(2) requires a copy of the lease in the aircraft, available for review on request.

Operational control is the point

The clause exists to make the operator obvious. AC 91-37B, paragraph 6, says that when you dry lease an aircraft "you normally become the aircraft operator," and when you wet lease one "the lessor is normally the aircraft operator." Paragraph 6.3 lists questions that show who has operational control, including who decides to initiate and terminate flights, who the pilots work for, who maintains the aircraft and who pays for fuel and fees. Paragraph 8.1 warns that operational control "may remain with the lessor even though the lease is characterized as a dry lease" if that is how the flights are actually run.

This has consequences beyond the lease. 8900.1, Volume 3, Chapter 2, Section 2, says LOAs are issued to the person with operational control, and that under multiple dry leases "each individual operator (the lessee) is required to have an appropriate LOA issued in its own name." A lessee that will fly RVSM, oceanic routes or under an MEL needs its own B046, B036 or D195. See which authorizations don't transfer.

Checklist

• Confirm the aircraft is over 12,500 pounds and U.S.-registered, and that no 91.23(b) exception applies.
• Name the operator with operational control, and make sure the day-to-day arrangements match.
• Put the clause last, in large print, just above the signatures, with the 12-month maintenance history and the maintenance program going forward.
• Record the date and time of execution.
• Mail the copy to the Registry within 24 hours and keep proof of mailing.
• Call or visit the responsible Flight Standards office at least 48 hours before the first flight with departure airport, time and registration.
• Put a signed copy in the aircraft.
• Apply for the lessee's own LOAs before the first flight that needs them.

What you submit and who submits it

The lessee or conditional buyer (or the registered owner if the lessee is not a U.S. citizen) mails the Registry copy and gives the Flight Standards notice (91.23(c)). Nothing in 91.23 asks the FAA to approve the lease. Discussing the filing of time-sharing and interchange agreements, 8900.1, Volume 3, Chapter 13, Section 6, says this "does not imply the need for FAA approval of the terms of the contract."

We prepare the dry lease with a compliant truth-in-leasing clause, a cover letter for the Registry mailing, and a script and checklist for the 48-hour notice, with instructions for each step. You sign, mail and call.

Frequently asked questions

Can I email the lease to the Registry?

The regulation says the copy is mailed to the Oklahoma City P.O. box within 24 hours. Mail it as the rule says.

Does a time-sharing agreement need a truth-in-leasing clause?

For large aircraft, 8900.1, Volume 3, Chapter 13, Section 6, says time-sharing and interchange agreements are subject to 91.23.

Who gives the 48-hour notice if the lessee is a foreign company?

Section 91.23(c)(3) puts that on the registered owner when the lessee is not a U.S. citizen.

Have it prepared

The truth-in-leasing dry lease kit, with the Registry mailing and 48-hour notice instructions, is $325. A standalone 48-hour first-flight notification is $295. See the format below.

Sources

Primary sources, as retrieved when this article was last updated. Check the current text before you rely on it.

• 14 CFR 91.23, Truth-in-leasing clause requirement in leases and conditional sales contracts
• 14 CFR 1.1, General definitions
• AC 91-37B, Truth in Leasing
• FAA Order 8900.1, Volume 3, Chapter 13, Section 6, Evaluate an Aircraft Lease Agreement Under 91.23 (CHG 703)
• FAA Order 8900.1, Volume 3, Chapter 2, Section 2, Responsibility for Part 91 LOAs (CHG 976)

Informational only. Not legal advice, not FAA guidance and not a promise of FAA approval or of any FAA timeline. The operator submits its own application; only the FAA approves, accepts or issues an authorization.