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Scale advertisements of every type of credit come ons

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scale advertisements of every typeofCREDITCOME-ONSby installmenthouses. This sad stateofcreditorientation was still prevalent. Thiswasfurther deteriorated by cut-throats competitions in credit sales—SOME GOING AS FAR OFFERINGNO-DOWN PAYMENT DEALS. The result CREDIT-CODDLING.Even the customerswhowould have turned into reallygoodaccountswere “ contaminated”as it wereand manybecomeacclimatedtothisdeplorablecreditpractice. Thephilosophythatseemstohave developedisothers can get away withit, why not me?”USURYLAW (C.A. No.2655)a law, as to prevent any substantial protection to creditorswho, more oftenthan not, have to make unusualcreditrisk.TRUTHINLENDINGACTisanactdesignedtoprotectconsumersagainstunfairbillingpracticesofpeoplewhoextendcreditto a purchases ofgoods on installmentbasis.Anyperson who willfullyviolatestheprovisionoftheactoranyregulationshall befinedbynotless than 5,000or6 monthsimprisonment not morethan1 year.The newTRUTHANDTRANSPARENCYIN LENDINGACT OF 2012(RA.3765)The state protects its citizens from a lack of awareness of the true cost of credit to the customerby assuring a full disclosure of such coast and other terms/conditions w/ a view of preventingthe uninformeduse of credit.As such, a disclosure statement is a required attachment to the loan contract. Include also thefollowing information below:a.)Total amount to be financedb.)Finance chargesand all other incident related to loanc.)Net proceeds of the loand.)Schedule of paymentsandcreditto,

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Term
Fall
Professor
N/A
Tags
Debt, The Wealth of Nations, Bill of lading

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