Exam 46: Consumer Protection Laws

Isaac applied for a loan from Livingstone Bank and was denied the loan two weeks later.He discovered that the reason behind the denial was that the bank considered him a huge credit risk because a credit report stated that he was an alcoholic.Isaac claimed that this information was not true.Which of the following acts will allow Isaac to approach Livingstone Bank for reconsideration of his loan application?

The Consumer Product Safety Act (CPSA):

The Consumer Product Safety Commission (CPSC)and the _____ may sue for injunctive relief or the seizure of products to enforce various provisions of the Consumer Product Safety Act (CPSA).

The Federal Trade Commission requires used car dealers to display a "Buyer's Guide" on each car that tells whether the car is covered by a warranty.

The Federal Trade Commission (FTC):

Describe the Gramm-Leach-Bliley Act of 1999 (GLBA).

Which of the following best describes the "right of rescission"?

According to Truth in Lending Act (TILA),charges on a stolen credit card that exceed $50 would generally:

The Equal Credit Opportunity Act:

According to Congress,the Fair Credit and Charge Card Disclosure Act would:

"Imminently hazardous consumer products" are those that pose an immediate and unreasonable risk of death,serious illness,or severe personal injury.

How do the new rules of the Credit Card Accountability and Disclosure Act (CARD)help consumers deal with credit card debt?

Which of the following acts has provisions for combating identity theft?

One of the purposes of the Truth in Lending Act (TILA)is to enable the consumer to understand all the charges made in connection with credit.

The Fair Credit Reporting Act (FCRA)covers credit information supplied to potential _____ of a person.

The Fair Credit and Charge Card Disclosure Act requires detailed and uniform disclosure by credit and charge card issuers at the time of application by the consumers.

The Holder in Due Course rule creates a defense where the product is sold "as is."

Which of the following statements is true for gift cards?

The Fair Debt Collection Practices Act affects only the practices of debt collection agencies that collect consumer bills for creditors other than themselves.

The Telemarketing and Consumer Fraud and Abuse Prevention Act: