Chapter 14 - CHAPTER 14FINANCING OF SALES AND LEASES CREDIT...

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Fundamentals of Business Law Today: Summarized Cases
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Chapter 19 / Exercise 4
Fundamentals of Business Law Today: Summarized Cases
Miller
Expert Verified
CHAPTER 14—FINANCING OF SALES AND LEASES: CREDIT AND DISCLOSURE REQUIREMENTSTRUE/FALSE1.Usury is charging an interest rate higher than the maximum permitted by law.
PTS:1NAT:AACSB: AnalyticTOP:usury2.Some states treat a usurious contract as void.
PTS:1NAT:AACSB: AnalyticTOP:usury3.The Equal Credit Opportunity Act was passed to ensure equal credit opportunity regardless of past credit history.
PTS:1NAT:AACSB: AnalyticTOP:ECOA4.A negative credit decision cannot be based on an applicant's plans for having children.
PTS:1NAT:AACSB: AnalyticTOP:ECOA5.The Truth-in-Lending Act applies to all credit transactions.
PTS:1NAT:AACSB: AnalyticTOP:TILA6.A credit line is an example of a closed-end credit arrangement.
PTS:1NAT:AACSB: AnalyticTOP:open-end credit7.The solicitation of credit card customers is not regulated by the federal government.
PTS:1NAT:AACSB: AnalyticTOP:credit cards8.The TILA applies only to closed-end credit arrangements.
PTS:1NAT:AACSB: AnalyticTOP:closed-end credit9.The APR must be disclosed in closed-end credit transactions.
PTS:1NAT:AACSB: AnalyticTOP:closed-end credit10.Regulation Z provides the details of compliance with the TILA.
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Fundamentals of Business Law Today: Summarized Cases
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Chapter 19 / Exercise 4
Fundamentals of Business Law Today: Summarized Cases
Miller
Expert Verified
PTS:1NAT:AACSB: AnalyticTOP:Regulation Z11.In 2009, the subprime mortgage delinquency rate was almost 25%.
PTS:1NAT:AACSB: AnalyticTOP:subprime mortgages12.The three-day-cooling-off period applies to all credit transactions.
PTS:1NAT:AACSB: AnalyticTOP:three-day rescission13.Home solicitation sales are subject to Regulation Z.
PTS:1NAT:AACSB: AnalyticTOP:home sales14.Home equity loans do not carry a rescission period.
PTS:1NAT:AACSB: AnalyticTOP:home equity15.The liability limitation for credit card holders who report a loss or theft is $50.
PTS:1NAT:AACSB: AnalyticTOP:lost credit card16.The TILA carries specific class action penalties.
PTS:1NAT:AACSB: AnalyticTOP:TILA17.The Fair Credit Billing Act applies only to closed-end transactions.
PTS:1NAT:AACSB: AnalyticTOP:FCBA18.A credit card applicant can be solicited without disclosure of the card's terms.
PTS:1NAT:AACSB: AnalyticTOP:credit cards19.Many borrowers in the subprime mortgage market made no down payment on their homes or were qualified without income verification.
PTS:1NAT:AACSB: AnalyticTOP:subprime mortgages20.A credit card is an example of an open-end credit transaction.
PTS:1NAT:AACSB: AnalyticTOP:TILA
21.The Fair Credit Reporting Act regulates creditors.
PTS:1NAT:AACSB: AnalyticTOP:FCRA22.There are no limitations on credit-agency disclosures, if the debtor is applying for a loan of more than $50,000.
PTS:1NAT:AACSB: AnalyticTOP:FCRA23.The FCRA does not give the debtor a right of correction.

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