Exam 44: Consumer Protection

Which of the following acts requires disclosure of finance charges in terms of an annual percentage rate and requires that interest rates be calculated in a uniform manner in consumer credit transactions?

Deception may occur either through false representation or material omission.

If a debtor defaults on a credit contract, the creditor may:

Under state law in many states and under the FTC rules and the Federal Consumer Credit Protection Act, a contract solicited in a consumer's home may be canceled within:

In 1974, Congress enacted what law to provide consumers who purchase a home with greater and more timely information on the nature and costs of the settlement process?

The federal Truth-in-Lending law:

When the creditor has been notified that a credit card was lost, the liability of the credit card holder is limited to:

As of 2018, the acting head of the Consumer Financial Protection Bureau has requested all but which of the following changes to the Dodd-Frank Act?

The Fair Debt Collection Practices Act applies directly to creditors.

Northstar Sporting Goods sells consumer goods to Lena for $85 and provides a written warranty regarding the quality of the goods. Northstar:

The Consumer Product Safety Commission enforces the:

Some states have broadened their lemon law coverage to include used cars and motorcycles.

The Federal Trade Commission Act allows the FTC to:

The Equal Credit Opportunity Act prohibits discrimination based on what factors in the extension of credit?

A collection agency may not personally contact the debtor if the debtor has engaged a lawyer to represent him.

The FTC:

The FTC Act contains very specific definitions of the terms "unfair" and "deceptive."

Which of the following best expresses the policy behind the Truth-in-Lending Act?

The Magnuson-Moss Act applies to all sales of goods covered by the Uniform Commercial Code.

Under the Fair Credit Reporting Act, a consumer has the right to have inaccurate information removed from his consumer credit report.