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Financial,Credit,&Ba

Financial, Credit, & Bankruptcy Law

DefinitionAnswers
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