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Financial,Credit,&Ba
Financial, Credit, & Bankruptcy Law
| Definition | Answers |
|---|---|
| Electronic Fund Transfer Act: | Provides consumers against unauthorized electronic fund transactions including debit and credit card purchases, ATM withdrawals, and automatic bank account withdrawals |
| Federal Deposit Insurance Act | Created to maintain the public’s confidence in banks and encourage stable banking practices |
| Home Equity Loan Consumer Protection Act: | Requires creditors to disclose the conditions, rates, and terms of home equity loan plans |
| Home Equity | The current market value of a home minus the remaining mortgage balance |
| Rights to Financial Privacy Act: | Grants consumers’ personal financial records a reasonable amount of privacy from federal government searches |
| Thrift and Bank Fraud Act: | increased the government’s ability to combat bank fraud |
| Credit Card Act of 2009 | Amendments to the Truth-in-Lending law that include requirements for cosigners who applicants under 21 years of age |
| Credit Report | Document that summarizes a consumer’s financial history including number of credit cards, payments to credit cards, and number of late payments (if any) |
| Credit | A contractual agreement in which one party receives something of value now and agrees to pay the lender in the future |
| Creditor | Person or business providing credit |
| Debtor | Person or business that receives the credit |
| Equal Credit Opportunity Act | Law that states that a consumer’s credit application can only be judged on the basis on financial responsibility not the applicant’s gender, race, marital status, age, national origin, or receipt of public assistance |
| Fair Credit Billing Act | Provides consumers with a means to dispute a billing error on open-ended credit accounts (credit and charge cards) |
| Fair Debt Collection Practices Act | Prohibits unfair, abusive, and deception methods of collecting debt |
| Federal Trade Commission | Protects consumers’ right to attain, use, and maintain credit by monitoring and enforcing credit laws |
| Truth-in-Lending Act | Requires creditors to provide consumers with the terms and cost of credit |
| Usury Law | Sets the maximum amount of interest that can be charged for a loan |
| Bankruptcy | Legal proceeding for a person or business unable to pay an outstanding debt |
| Fair Credit Reporting Act | Law that grants consumers to the right to know who requests to view their credit report over the past year |
| Bank Fraud | The act of obtaining credit, assets, money, funds, or securities under the custody of a financial institution through false pretenses |
Created by:
Daddy Sanchez
Popular Finance sets