Refuse to consider reliable alimony child support or

This preview shows page 333 - 335 out of 421 pages.

We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Business Law: Principles for Today's Commercial Environment
The document you are viewing contains questions related to this textbook.
Chapter 1 / Exercise 4
Business Law: Principles for Today's Commercial Environment
Jennings/Twomey
Expert Verified
Social Security, pensions, or annuities.Refuse to consider reliable alimony, child support, or separate maintenance payments. However, a creditor may ask the person for proof that he or she receives this income consistently.Applicant’s RightsAn applicant for financing also has the right to:Have credit in her birth name (Jane Doe), her first and her spouse’s last name (Jane Smith), or her first name and a combined last name (Jane Doe Smith).Get credit without a cosigner, as long as the individual meets the creditor’s standards.Have a cosigner other than a spouse, if one is necessary.Keep his or her own accounts after changing a name, changing marital status, reaching a certain age, or retiring, unless the creditor has evidence that the individual is not willing or able to pay.Know whether his or her application was accepted or rejected within 30 days of filing a complete application.Know why an application was rejected. The creditor must tell the person the specific reason for the rejection or that he or she is entitled to learn the reason if the person asks within 60 days. An acceptable reason might be: “your income was too low” or “you haven’t been employed long enough.” An unacceptable reason might be “you didn’t meetour minimum standards.” That information isn’t specific enough.Learn the specific reason the lender offered less favorable terms than the person applied for, but only if the person rejects the terms. For example, if the lender offers a smaller
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Business Law: Principles for Today's Commercial Environment
The document you are viewing contains questions related to this textbook.
Chapter 1 / Exercise 4
Business Law: Principles for Today's Commercial Environment
Jennings/Twomey
Expert Verified
loan or a higher interest rate and he person does not accept the offer, he or she has the right to know why those terms were offered.Find out why an account was closed or why the terms of the account were made less favorable, unless the account was inactive or the person failed to make payments as agreed.Check Your Understanding Answers 1.What does RESPA require that is a benefit to consumers during the settlement process? 2.What does the Truth in Lending Act require lenders to disclose to buyers? 3.Who does Regulation Z apply to?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture