Asked by Manny Martinez on May 27, 2024
Verified
The Truth in Lending Act (TILA) requires the disclosure of finance charges if allowing a patient to pay in more than _____ installments.
A) two
B) four
C) six
D) eight
Truth in Lending Act
A federal law designed to protect consumers in their dealings with lenders and creditors by requiring clear disclosure of key loan terms and costs.
Finance Charges
Costs associated with borrowing money, including interest rates, late fees, and other charges applied to a loan or credit.
- Engage in acquiring knowledge on the ethical and compliance framework in billing and collections, highlighting the management of credit balances and the legal disclosures imposed by the Truth in Lending Act and the Fair Debt Collection Practices Act.
Verified Answer
CN
Chizoba NnakweMay 28, 2024
Final Answer :
B
Explanation :
The Truth in Lending Act (TILA) requires the disclosure of finance charges if allowing a patient to pay in more than four installments.
Learning Objectives
- Engage in acquiring knowledge on the ethical and compliance framework in billing and collections, highlighting the management of credit balances and the legal disclosures imposed by the Truth in Lending Act and the Fair Debt Collection Practices Act.