Asked by Sarah Wilkerson on May 12, 2024
Verified
Bee borrows funds from Credit Union to repair her home and to buy a car. She buys a laptop from Discount Store in a transaction financed by the seller. If these parties are subject to the Truth-in-Lending Act, Regulation Z applies to
A) the car loan only.
B) the home repair loan only.
C) the retail installment sale only.
D) the car loan, the home repair loan, and the retail installment sale.
Regulation Z
A federal law that provides protection for consumers in credit transactions and is part of the Truth in Lending Act.
Truth-In-Lending Act
A federal law designed to promote informed use of consumer credit by requiring disclosures about terms and costs.
Retail Installment Sale
A transaction where the buyer pays for goods in regular installments while the seller retains ownership until the full price has been paid.
- Gain insight into the implementation of the Truth-in-Lending Act in diverse credit transactions.
Verified Answer
Learning Objectives
- Gain insight into the implementation of the Truth-in-Lending Act in diverse credit transactions.
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