Exam 10: Consumer Credit Transactions

The Truth in Lending Act protects natural-person debtors and business organization debtors.

Which of the following acts ensured that every individual who has need for consumer credit is given full disclosure of the finance charge and the annual percentage rate of interest?

Which of the following acts restricts card issuers from providing tangible gifts to students on college campuses in exchange for filling out a credit card application?

What are the three different means of recovering debt?

The Fair Credit Billing Act gives the creditor three days to respond to and rectify claimed errors.

A written agreement in which the defendant in a lawsuit admits liability and accepts the amount of agreed-upon damages that must be paid to the plaintiff is known as an)_____ agreement.

Title I of the Consumer Credit Protection Act is popularly known as the Truth in Lending Act.

Garnishment,wage assignment,and confession of judgment are means of debt recovery.

Creditors who violate the Truth in Lending Act are subject to criminal sanctions but not civil sanctions.

_____ is a legal process by which a creditor can obtain a court order directing the debtor's employer or any party who owes money to the debtor to pay directly to the creditor a certain portion of the employee's wages until the debt is paid.

The Federal Trade Commission regulation gives consumers three days to cancel contracts made with door-to-door salespersons.

The Fair Credit Billing Act applies to open-end credits and installment sales.