Exam 18: Regulations Protecting Consumer Purchases, privacy, and Financial Activities

Which of the following acts establishes procedures that banks and other financial institutions must follow when consumers dispute amounts billed by a bank?

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(Multiple Choice)

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Question 1

Correct Answer:

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What is covered under the Fair Debt Collection Practices Act and what is exempt from the provisions of this Act?

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(Essay)

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Question 2

Correct Answer:

Verified

The Fair Debt Collection Practices Act covers only consumer debt collections.It applies to agencies and individuals whose primary business is the collection of debts for others.It also applies to the Internal Revenue Service and attorneys who collect debts on behalf of their clients.Creditor collection efforts are exempt from the act.

Which of the following statements is true of redlining?

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Question 3

Correct Answer:

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Briefly explain the concept of user provisions as mentioned in the Fair Credit Reporting Act.

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Question 4

According to the Fair Debt Collection Practices Act,a collector must only telephone a debtor before 8:00 A.M. or after 9:00 P.M. so as to not disturb the debtor while he or she is at work.

(True/False)

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Question 5

The Magnuson-Moss Warranty Act,administered by the Federal Trade Commission,applies to all product warranties on consumer products costing more than ______.

(Multiple Choice)

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Question 6

What are industry guides and who issues industry guides?

(Essay)

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Question 7

The familiar telemarketing sales rule that established the national "Do Not Call" list is an example of a(n)______.

(Multiple Choice)

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Question 8

The ______,passed by the European Parliament in 1995,mandates that companies may collect personal information only with consent,keep it only as long as necessary,and transfer to third parties only with permission.

(Multiple Choice)

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Question 9

Which of the following is the limitation of the Electronic Communications Privacy Act?

(Multiple Choice)

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Question 10

Briefly explain the concept of corrective advertising.

(Essay)

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Question 11

If there are violations of the Equal Credit Opportunity Act (ECOA),affected consumers

(Multiple Choice)

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Question 12

Big Prime Inc.is a leading investment bank.Big Prime lends money to more men than women as it believes men are more likely to pay back their loans.In this case, Big Prime violates the ______.

(Multiple Choice)

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Question 13

The Fair Credit Reporting Act applies to anyone who prepares or uses a credit report in connection with

(Multiple Choice)

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Question 14

Which of the following types of debts are nondischargeable in bankruptcy?

(Multiple Choice)

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Question 15

What is the legal recourse for a debtor in case of violations of the Fair Debt Collection Practices Act by a debt collector?

(Essay)

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Question 16

The Fair Debt Collection Practices Act exempts attorneys who collect consumer debts on behalf of their clients.

(True/False)

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Question 17

Section 5 of the ______ prohibits unfair or deceptive acts or business practices.

(Multiple Choice)

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Question 18

Under a cease and desist order issued by the Bureau of Consumer Protection,a party consents to sign an order which restrains the promotional activity deemed offensive.

(True/False)

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Question 19

What is the purpose of the Privacy Act of 1974?

(Essay)

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Question 20

Showing 1 - 20 of 117

Exam 18: Regulations Protecting Consumer Purchases, privacy, and Financial Activities

Which of the following acts establishes procedures that banks and other financial institutions must follow when consumers dispute amounts billed by a bank?

What is covered under the Fair Debt Collection Practices Act and what is exempt from the provisions of this Act?

Which of the following statements is true of redlining?

Briefly explain the concept of user provisions as mentioned in the Fair Credit Reporting Act.

According to the Fair Debt Collection Practices Act,a collector must only telephone a debtor before 8:00 A.M. or after 9:00 P.M. so as to not disturb the debtor while he or she is at work.

The Magnuson-Moss Warranty Act,administered by the Federal Trade Commission,applies to all product warranties on consumer products costing more than ______.

What are industry guides and who issues industry guides?

The familiar telemarketing sales rule that established the national "Do Not Call" list is an example of a(n)______.

The ______,passed by the European Parliament in 1995,mandates that companies may collect personal information only with consent,keep it only as long as necessary,and transfer to third parties only with permission.

Which of the following is the limitation of the Electronic Communications Privacy Act?

Briefly explain the concept of corrective advertising.

If there are violations of the Equal Credit Opportunity Act (ECOA),affected consumers

Big Prime Inc.is a leading investment bank.Big Prime lends money to more men than women as it believes men are more likely to pay back their loans.In this case, Big Prime violates the ______.

The Fair Credit Reporting Act applies to anyone who prepares or uses a credit report in connection with

Which of the following types of debts are nondischargeable in bankruptcy?

What is the legal recourse for a debtor in case of violations of the Fair Debt Collection Practices Act by a debt collector?

The Fair Debt Collection Practices Act exempts attorneys who collect consumer debts on behalf of their clients.

Section 5 of the ______ prohibits unfair or deceptive acts or business practices.

Under a cease and desist order issued by the Bureau of Consumer Protection,a party consents to sign an order which restrains the promotional activity deemed offensive.

What is the purpose of the Privacy Act of 1974?

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