WGU-LWC1-Cnsmr Cred
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| show | It is a consumer loan. not a business loan loan has a finance charge or will be repaid in more than four installments. loan is less than $25,000 or secured by a mortgage on real estate. The loan is made by someone in the business of offering credit.
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| show | o The disclosure must be clear and in meaningful sequence. o The lender must disclose the finance charge. o The creditor must also disclose the annual percentage rate (APR).
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| show | a credit transaction in which the lender makes a series of loans that the consumer can repay at once or in installments (credit Card).
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| In each Open End Credit statement, the lender must disclose: | show 🗑
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| Definition - • Closed-End Credit | show 🗑
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| TILA involvement in home equity loans | show 🗑
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| show | It causes a substantial consumer physical or financial injury. The harm of the injury outweighs any countervailing benefit. The consumer could not reasonably avoid the injury. The FTC is particularly vigilant in protecting susceptible consumers
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| Sales Practices monitored by the FTC | show 🗑
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| What are the rules of recission in the TILA? | show 🗑
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| show | • The disclosure must be clear and in meaningful sequence, and • The lender must disclose the finance charge and the annual percentage rate (APR).
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| show | 60 days- if cnsmr writes CC, must acknowledge by 30 days. 2 bill cycles (not past 90 days)-cc must respond. Err=fix & notify. No err=write & explain. If requested, cc to supply docs. No collect/close/suspend til response to cnsmr. CC can't report to til 1
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| Definiton - Fair Credit Reporting Act | show 🗑
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| Under the Fair Credit Reporting Act: | show 🗑
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| show | - to reduce identity theft
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| The Fair and Accurate Credit Transactions Act: | show 🗑
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| Definiton - Fair Debt Collection Practices Act | show 🗑
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| show | Call/write Db who has notified in writing. Call/write DB w/attorney. Call DB b4 8/after 9. Threaten DB. Call/visit DB at work if employer prohibits. Imply they r attns/gov reps. Threaten arrest/Make false threats. Contact DB peeps cept to find. Tell other
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| show | prohibits any creditor from discriminating against a borrower because of race, color, religion, national origin, sex, marital status, age (as long as the borrower is old enough to enter into a legal contract), or because the borrower is receiving welfare
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| show | Required pymnts/deposits, etc #/amount of monthly pymnts/calc Balloon pymnts Req Ins pymnts TTL paid by end Avail warranties Maintenance req/wear & use stndrds Late pymnts penalties Right to purchase/price Right to terminate early/penalties
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| show | Requires any supplier that offers a written warranty on a product that costs more than $15 to disclose the terms of the warranty in simple, understandable language before sale. Not required to offer warranty, if they do must indicate if full or limited
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