{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

CPA Debtors & Sureties-4 - DEBTORS/CREDITORS...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
DEBTORS/CREDITORS CONSUMER CREDIT PROTECTION ACT All of the following represent amendments to the Act A. Truth in Lending Act (TILA) 1) basically a disclosure law 2) applies to persons, who in the ordinary course of business: --lend funds --sell on credit or --arrange for the extension of credit 3) applies to any installment payment contract involving more than 4 installments 4) applies to loans of $25,000 or less 5) requires lenders to disclose --the interest rate as a percentage --total cost of interest as a dollar amount --total cost of credit as a dollar amount B. Credit Card Fraud Act 1) requires a cardholder to report a lost or stolen card or other unauthorized use 2) a cardholder has a maximum liability of $50 for any charges made before notification 3) a cardholder has NO liability for any unauthorized charges made after notification 4) person has no liability for improperly issued cards 5) a cardholder can dispute improper charges and withhold payment on those charges while the dispute is being resolved. C. Fair Credit Reporting Act 1) applies to credit-reporting agencies 2) credit reports can only be issued for specified purposes: --extension of credit --issuance of insurance policies --compliance with a court order --compliance with a customer’s request 3) if a consumer is denied credit/insurance, or pays more than others for credit/ insurance, the consumer must be notified & given the name of the reporting agency. 4) consumers are now entitled to one free copy annually of their credit report. from each of the 3 credit reporting agencies (Equifax, Experian & Trans Union). See www.annualreport.com 5) if a consumer finds incorrect or outdated information in their file, then --the reporting agency MUST investigate the matter --in response to the consumers WRITTEN request
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern