Consumer credit laws have been implemented over the years to protect consumers against creditor abuses. Match the following consumer credit issues with the appropriate consumer credit law: a. Controls debt collection procedures and practice. b. Prohibits credit discrimination because of race, age, or national origin. c. Establishes the APR and requires the disclosure of all credit-related costs. d. Requires credit contracts to be written in plain English. e. Requires a "rejection letter" or written explanation of any adverse action taken. f. Limits marketing of credit cards to the mailing of application packets and prohibits the mailing of unrequested credit cards. g. Allows payment for defective goods purchased with a credit card to be legally withheld. h. Limits fraudulent card use to $50 payment by the cardholder. i. Ensures that divorced individuals can receive credit. j. Provides annual access to one free credit report from each of the major credit bureaus. k. Reduces credit card late fees to $25. l. Limits the issuance of credit cards to consumers under age 21. m. Requires clear and simple disclosures related to international money transfers. Question content area bottom Part 1 a. Which of the Consumer Credit Laws governs the following consumer credit issue: Controls debt collection procedures and practice? (Select the best answer below.) A. Truth in Lending Act of 1968. B. Equal Credit Opportunity Act of 1975. C. Fair Debt Collection Practices Act of 1978. D. Fair and Accurate Credit Transactions Act (FACT Act) of 2003. E. Truth in Lending Act (amended in 1982).
Consumer credit laws have been implemented over the years to protect consumers against creditor abuses. Match the following consumer credit issues with the appropriate consumer credit law: a. Controls debt collection procedures and practice. b. Prohibits credit discrimination because of race, age, or national origin. c. Establishes the APR and requires the disclosure of all credit-related costs. d. Requires credit contracts to be written in plain English. e. Requires a "rejection letter" or written explanation of any adverse action taken. f. Limits marketing of credit cards to the mailing of application packets and prohibits the mailing of unrequested credit cards. g. Allows payment for defective goods purchased with a credit card to be legally withheld. h. Limits fraudulent card use to $50 payment by the cardholder. i. Ensures that divorced individuals can receive credit. j. Provides annual access to one free credit report from each of the major credit bureaus. k. Reduces credit card late fees to $25. l. Limits the issuance of credit cards to consumers under age 21. m. Requires clear and simple disclosures related to international money transfers. Question content area bottom Part 1 a. Which of the Consumer Credit Laws governs the following consumer credit issue: Controls debt collection procedures and practice? (Select the best answer below.) A. Truth in Lending Act of 1968. B. Equal Credit Opportunity Act of 1975. C. Fair Debt Collection Practices Act of 1978. D. Fair and Accurate Credit Transactions Act (FACT Act) of 2003. E. Truth in Lending Act (amended in 1982).
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 6TP: When a customer is delinquent on paying a notes receivable, your company has the option to continue...
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Question
Consumer credit laws have been implemented over the years to protect consumers against creditor abuses. Match the following consumer credit issues with the appropriate consumer credit law:
a. Controls debt collection procedures and practice.
b. Prohibits credit discrimination because of race, age, or national origin.
c. Establishes the APR and requires the disclosure of all credit-related costs.
d. Requires credit contracts to be written in plain English.
e. Requires a "rejection letter" or written explanation of any adverse action taken.
f. Limits marketing of credit cards to the mailing of application packets and prohibits the mailing of unrequested credit cards.
g. Allows payment for defective goods purchased with a credit card to be legally withheld.
h. Limits fraudulent card use to $50 payment by the cardholder.
i. Ensures that divorced individuals can receive credit.
j. Provides annual access to one free credit report from each of the major credit bureaus.
k. Reduces credit card late fees to $25.
l. Limits the issuance of credit cards to consumers under age 21.
m. Requires clear and simple disclosures related to international money transfers.
Question content area bottom
Part 1
a. Which of the Consumer Credit Laws governs the following consumer credit issue: Controls debt collection procedures and practice? (Select the best answer below.)
Truth in Lending Act of 1968.
Equal Credit Opportunity Act of 1975.
Fair Debt Collection Practices Act of 1978.
Fair and Accurate Credit Transactions Act (FACT Act) of 2003.
Truth in Lending Act (amended in 1982).
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