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BusLawVocats6.02
| Question | Answer |
|---|---|
| Finance charges are added after subtracting payments made during billing period | Adjusted Balance Method |
| Lien for unpaid services assessed against personal property that has been improved | Artisan's Lien |
| Finance charges figured by adding balances for each day in billing period and then divide by the number of days in the billing period | Average Daily Balance Method |
| Property that is the subject of a secured loan | Collateral |
| Helps protect a loan when a borrower’s credit rating is poor or has not been established | Cosigner |
| Card or other device used to obtain goods, money, or services on credit | Credit card |
| party who sells on credit or lends money | Creditor |
| party who buys on credit or borrows money | Debtor |
| Court-ordered procedure by which a portion of a delinquent debtor’s wages are paid to satisfy the debt | Garnishment |
| Interest-free period before payment is due | Grace Period |
| Party agreeing to be secondarily liable in case of default by the principal debtor | Guarantor |
| Legal right in anothers property as security for the performance of an obligation such as the repayment of a loan | Lien |
| Credit that can be increased by debtor up to a limit set by creditor | Open End Credit |
| Pledge of tangible personal property | Pawn |
| Creditor obtains possession of collateral by written or oral agreement | Pledge |
| Finance charges figured as if no payments made during billing period | Previous Balance Method |
| An account in which you can keep an outstanding balance and pay a small amount each month | Revolving Charge Account |
| Creditors obtain an interest in something of value | Secured Loan |
| Third party agreeing to be primarily liable for debt in case of default by the principal debtor | Surety |
| Charging a greater amount of interest on a loan than is allowed by law | Usury |
| Protection from harassing debtors, abusive and profane language, threats of violence, no communication with debtor at work | Fair Debt Collections Act |
| Chapter 7, 11, 12, and 13 | Bankruptcy Types |
| days creditors have to mail bills before the due date | Fourteen |
| days the creditor have to inform the borrower if the loan is denied | Sixty |
| days a creditor have to inform a borrower about the status of a loan | Thirty |
| Property returned or taken back because of non-payment | Repossession |
| They cannot be asked martial status and sex | Federal Equal Credit Opportunity Act |
Created by:
melinda.fornes
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