Asked by Casual Commentator on Apr 30, 2024
Verified
The federal Truth-in-Lending law:
A) requires the lender to show how much profit is made on a particular sale.
B) regulates the maximum cost of credit.
C) is a uniform law, like the UCC, made available to all states.
D) is intended to allow comparison of various credit offers or advertisements.
Truth-in-Lending Law
A law at the federal level in the U.S. that aims to encourage the knowledgeable use of consumer credit through mandates on disclosures regarding its terms and expenses.
Credit Offers
Proposals extended by lenders to potential borrowers detailing the terms under which credit can be extended.
Uniform Law
Legislation instituted across various jurisdictions, aiming to harmonize legal principles on specific issues.
- Explain the significance and impact of statutory changes concerning consumer finance laws, including the Dodd-Frank Act.
Verified Answer
Learning Objectives
- Explain the significance and impact of statutory changes concerning consumer finance laws, including the Dodd-Frank Act.
Related questions
A What Was the Common Law Rule with Respect to ...
The Dodd-Frank Wall Street Reform and Consumer Protection Act ...
SOX Prohibits Public Accounting Firms from Providing Tax Services to ...
Which of the Following Is Not a Provision of the ...
Some, Especially Those in Business, Complain That the Sarbanes-Oxley Act ...