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CREDIT RIGHTS: 

CREDIT RIGHTS Indiana Department of Financial Institutions Consumer Credit Education STUDY UNIT 3 Consumer Credit Practices Rule Truth in Lending

PURPOSE: 

PURPOSE To increase student awareness of the role played by individuals, creditors, credit bureaus, and debt collectors in the credit process. To increase student understanding of the legal rights and responsibilities of consumers, creditors, and other representatives of the credit industry. To help consumers develop skills in establishing and using consumer credit and solving credit-related problems.

INTRODUCTION: 

INTRODUCTION The era of consumer credit protection began with two very simple ideas — that the consumer should know more about the costs of credit and that all consumers should be treated fairly. These two ideas have led to hundreds of pages of laws, regulations, and interpretations. Credit Rights: attempts to provide information which all users of credit need to make informed credit decisions.

STUDY UNIT 3 : 

STUDY UNIT 3 The Federal statutes pertaining to consumer credit protection covers a wide area of consumer credit practices. This Study Unit will addressed the Credit Practices Rule and Truth in Lending disclosures for open-end credit including billing rights and closed-end credit disclosures.

KEY CONCEPTS: 

KEY CONCEPTS Unfair credit practices; Unfair or deceptive cosigner practices; and; Certain Late charges provisions. The Consumer Credit Practices Rule protects the consumer against:

More Key Concepts: 

More Key Concepts Provides meaningful disclosures of credit terms so that the consumer will be able to compare more readily the various credit terms available to him or her and avoid the uninformed use of credit. The informed use of credit enhances economic stabilization. The disclosures strengthen the competition among the various financial institutions and other firms engaged in the extension of consumer credit. Protect the consumer against inaccurate and unfair credit billing and credit card practices.

More Key Concepts: 

The primary transactions covered by the various provisions of the Credit Practices Rule and the Truth in Lending Act are those involving consumer credit sales and consumer loans. These statutes regulate all persons or entities regularly extending credit to individuals for a personal, family, or household purpose in which either the amount financed does not exceed $25,000 or the debt is secured by an interest in land to be used as the principal dwelling of the debtor. The debt is payable in more than four installments or a finance charge is imposed. More Key Concepts

THE TRUTH IN LENDING ACT ESTABLISHES: 

THE TRUTH IN LENDING ACT ESTABLISHES General Provisions Exempted transactions General Requirement of Disclosure Form of Disclosure; Additional information Determination of Finance Charge Determination of Annual Percentage Rate Open End Consumer Credit Plans Certain Liabilities Credit Billing

The Truth In Lending Act Establishes: 

Closed End Credit Plans Requirements for Certain Mortgages Home Equity Plans Reverse Mortgages Credit Advertising Consumer Leases Consumer Lease Advertising Issuance, Liability of Holder, and Fraudulent Use of Credit Cards The Truth In Lending Act Establishes

PRETEST / ANSWERS: 

PRETEST / ANSWERS 1. A creditor can waive all your rights in their contract. False. A waiver is permitted if it applies solely to property which was given as security in connection with the consumer credit obligation. 2. If you become delinquent, a creditor can attach your future wages. False. A consumer credit obligation cannot constitute or contain an assignment of wages or other earnings unless; the assignment by its terms is revocable at the will of the debtor, or the assignment is a payroll deduction plan (regardless of revocability.

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3. A creditor cannot charge you a delinquency charge if you make your regular payment within the grace period even if you have not paid previous delinquency charges. True. The creditor is prohibited from levying or collecting any delinquency charge on a payment, when the only delinquency is attributed to late fees and the payment is otherwise a full payment. Pretest / Answers

Pretest / Answers: 

4. A person who cosigns on a loan must receive a cosigner notice before he or she signs the credit obligation. True. A disclosure, consisting of a separate document that shall contain the required statement in the Credit Practices Rule shall be given to the cosigner prior to becoming obligated. Pretest / Answers

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5. A retail creditor who has less than 25 credit transactions in the past year has to give you credit disclosures. False. The consumer credit disclosures required by the federal Truth in Lending Act do not apply to creditors who are not regularly engaged (makes 25 or less consumer credit transactions a year). 6. A creditor who is regularly engaged in making consumer credit transactions must give you certain disclosures regarding your credit transaction. True. The federal Truth in Lending Act requires a regularly engaged creditor to make certain disclosures in regards to a consumer credit transaction. Pretest / Answers

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7. You can dispute a charge to your credit card over the telephone. False. To dispute a credit card transaction, you must put the dispute in writing and send it to the credit card issuer within 60 days of the date the disputed item appeared on your periodic statement. 8. The creditor must disclose the cost of the consumer credit transaction as an annual percentage rate, using that term. True. A regularly engaged creditor must disclose the cost of the consumer credit transaction as an annual percentage rate, using that term. Pretest / Answers

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9. Federal disclosure requirements on closed-end credit do not need to be kept separate. False. The federal disclosures on closed-end credit are to be grouped together, be segregated from everything else, and not contain any information not directly related to the disclosures required. 10. A creditor can make you a loan with all your household goods as security. False. A creditor cannot take a security interest in "household goods" unless the credit transaction is to purchase the "household goods.“ They can take a security on antiques and extra TVs. Pretest / Answers

TOPIC 1 — Credit Practices Rule: 

TOPIC 1 — Credit Practices Rule Objective: Students can learn how the federal Credit Practices Rules offers protection in credit. Materials: Vocabulary Reading 1 — “Credit Practices” Student Exercise 1

VOCABULARY: 

VOCABULARY antique — Any item over one hundred years of age, including such items that have been repaired or renovated without changing their original form or character. consumer — A person who seeks or acquires goods, services, or money for personal, family, or household use. Cosigner — A person who is liable for the obligation of another person without compensa-tion or whose signature is requested as a condition to granting credit to another person,

Vocabulary: 

creditor — A lender or a retail installment seller. debt — Money that is due or alleged to be due from one to another. earnings — Compensation paid or payable to an individual or for his or her account for personal services rendered or to be rendered by him or her, whether denominated as wages, salary, commission, bonus, or otherwise, including periodic payments pursuant to a pension, retirement, or disability program. Vocabulary

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household goods — Clothing, furniture, appliances, one radio and one television, linens, china, crockery, kitchenware, and personal effects (including wedding rings) of the consumer and his or her dependents, provided that the following are not included within the scope of the term "household goods": Works of art; Electronic entertainment equipment (except one television and one radio); Items acquired as antiques; and Jewelry (except wedding rings). Vocabulary

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lender — A person who engages in the business of lending money to consumers within the jurisdiction of the Federal Trade Commission. obligation — An agreement between a consumer and a lender or retail installment seller. person — An individual, corporation, or other business organization. Vocabulary

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personal effects — is limited to those items that an individual would ordinarily carry about on his or her person and possessions of a uniquely personal nature. retail installment seller — A person who sells goods or services to consumers on a deferred payment basis or pursuant to a lease-purchase arrangement within the jurisdiction of the Federal Trade Commission. Vocabulary

UNFAIR CREDIT PRACTICES: 

UNFAIR CREDIT PRACTICES It is an unfair act or practice for a lender or seller directly or indirectly to take or receive from a consumer an obligation that: Constitutes or contains a confession of judgment, warrant of attorney, or other waiver of the right to notice and the opportunity to be heard in the event of suit or process thereon. Constitutes or contains an executory waiver or a limitation of exemption from attachment, execution, or other process on real or personal property held, owned by the consumer.

Unfair Credit Practices: 

Constitutes or contains an assignment of wages or other earnings unless: the assignment by its terms is revocable at the will of the debtor, or the assignment is a payroll deduction plan (regardless of revocability), or a preauthorized payment plan, commencing at the time of the transaction, in which the consumer authorizes a series of wage deductions as a method of making each payment, or Unfair Credit Practices

Unfair Credit Practices: 

the assignment applies only to wages or other earnings already earned at the time of the assignment, or constitutes or contains a non-possessory security interest in household goods other than a purchase money security interest. Unfair Credit Practices

UNFAIR OR DECEPTIVE COSIGNER PRACTICES: 

UNFAIR OR DECEPTIVE COSIGNER PRACTICES In connection with the extension of credit to consumers, it is: A deceptive act or practice for a lender or retail installment seller, directly or indirectly, to misrepresent the nature or extent of cosigner liability to any person. An unfair act or practice for a lender or retail installment seller, directly or indirectly, to obligate a cosigner unless the cosigner is informed prior to becoming obligated of the nature of his or her liability as cosigner.

LATE CHARGES: 

LATE CHARGES In connection with collecting a debt arising out of an extension of credit to a consumer, it is an unfair act or practice for a creditor, directly or indirectly, to levy or collect any delinquency charge on a payment, which payment is otherwise a full payment for the applicable period and is paid on its due date or within an applicable grace period, when the only delinquency is attributable to late fee(s) or delinquency charge(s) assessed on earlier installment(s).

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STUDENT EXERCISE 1 1. A natural person who renders himself or herself liable for the obligation of another person without compensation: cosigner Any item over one hundred years of age, including such items that have been repaired or renovated without changing their original form or character: antiques 3. Money that is due or alleged to be due from one to another: debt

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4. Items that an individual would ordinarily carry about on his or her person and possessions of a uniquely personal nature: personal effects 5. Compensation paid or payable to an individual or for his or her account for personal services rendered or to be rendered by him or her, whether denominated as wages, salary, commission, bonus, or otherwise, including periodic payments pursuant to a pension, retirement, or disability program: earnings Student Exercise 1

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6. A person who sells goods or services to consumers on a deferred payment basis or pursuant to a lease-purchase arrangement within the jurisdiction of the Federal Trade Commission: retail installment seller 7. Clothing, furniture, appliances, one radio and one television, linens, china, crockery, kitchenware, and personal effects (including wedding rings) of the consumer and his or her dependents: household goods Student Exercise 1

TOPIC 2 — Truth in Lending Act: 

TOPIC 2 — Truth in Lending Act Objective: Explain what the federal Truth in Lending Act is. Inform students what open-end disclosures are. Inform students how to handle billing disputes. Materials: Vocabulary Reading 2 — "Truth in Lending Act " Reading 3 — "Open-end Disclosures” Reading 4 — "Billing-error rights” Transparency 1 — Billing-error rights model form Case Study 1 and 2 Open-end Consumer Credit Disclosures

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Cardholder — means any person to whom a credit card is issued or any person who has agreed with the card issuer to pay obligations arising from the issuance of a credit card to another person. card issuer — means any person who issues a credit card or the agent of such person with respect to such card. VOCABULARY

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consumer — used with reference to a credit transaction, characterizes the transaction as one in which the party to whom credit is offered or extended is a natural person, and the money, property, or services which are the subject of the transaction are primarily for personal, family, or household purposes. credit — means the right granted by a creditor to a debtor to incur debt and defer its payment. Vocabulary

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credit card — means any card, plate, coupon book, or other credit device existing for the purpose of obtaining money, property, labor, or services on credit. credit sale —any sale in which the seller is a creditor. The term includes any contract to pay a sum substantially equivalent to or in excess of the aggregate value of the property and services involved and it is agreed that the buyer will become the owner of the property upon full compliance with his obligations under the contract. Vocabulary

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creditor —a person who both (1) regularly extends (loans, sales of property or services, or otherwise) consumer credit which is payable by agreement in more than four installments or for which the payment of a finance charge is or may be required; and (2) is the person to whom the debt arising from the consumer credit transaction is initially payable on the face of the evidence of indebtedness or, if there is no such evidence of indebtedness, by agreement. Vocabulary

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discount—a reduction made from the regular price and shall not mean a surcharge. open-end credit plan —a plan under which the creditor reasonably contemplates repeated transactions, which prescribes the terms of such transactions, and which provides for a finance charge which may be computed from time to time on the outstanding unpaid balance. A credit plan which is an open-end credit plan within the meaning of the preceding is an open-end credit plan even if credit information is verified from time to time. Vocabulary

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organization —a corporation, government or govern-mental sub­division or agency, trust, estate, partnership, cooperative, or association. person —a natural person or an organization. regular price — the tag or posted price charged for the property or service if a single price is tagged or posted, or the price charged for the property or service when payment is made by use of an open‑end credit plan or credit card. Vocabulary

Slide37: 

residential mortgage transaction —a mortgage, deed of trust, purchase money security interest arising under an installment sales contract, or a security interest is created or retained against the consumer's dwelling to finance the acquisition or initial construction of such dwelling. surcharge — any means of increasing the regular price to a cardholder which is not imposed upon customers paying by cash, check, or similar means. Vocabulary

Slide38: 

unauthorized use — a use of a credit card by a person other than the card-holder who does not have actual, implied, or apparent authority for such use and from which the cardholder receives no benefit. Vocabulary

TRUTH IN LENDING ACT Findings and Declaration of Purpose: : 

TRUTH IN LENDING ACT Findings and Declaration of Purpose: The Congress finds that economic stabilization would be enhanced and the competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost to consumers. It is the purpose of the federal Truth in Lending Act to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available.

DETERMINATION OF FINANCE CHARGE: 

DETERMINATION OF FINANCE CHARGE Examples of charges which are finance charges: Interest, time price differential, and any amount payable under a point, discount, or other system of additional charges. Service or carrying charge. Loan fee, finder's fee, or similar charge. Fee for an investigation of credit report. Premium or other charge for any guarantee or insurance protecting the creditor against the obligor's default or other credit loss. Borrower-paid mortgage broker fees.

Determination Of Finance Charge: 

Charges or premiums for credit life, accident, or health insurance written in connection with any consumer credit transaction unless not required. Charges or premiums for insurance against loss of or damage to property or against liability unless a clear and specific statement in writing is furnished by the creditor to the debtor, setting forth the cost of the insurance if obtained from or through the creditor, and stating that the debtor may choose the person through which the insurance is to be obtained. Determination Of Finance Charge

Finance Charge Exclusions: 

Finance Charge Exclusions Fees for perfecting or releasing or satisfying any security related to the credit transaction. The premium payable for any insurance in lieu of perfecting any security interest. Any tax levied on security instruments or on documents evidencing indebtedness. Mortgage loan closing costs such as appraisal fees, fees for preparation of loan-related documents, credit reports, etc.

FORM OF DISCLOSURE: 

FORM OF DISCLOSURE Information required by the Truth in Lending Act shall be disclosed clearly and conspicuously, in accordance with regulations of the Board. The terms “annual percent-age rate” and “finance charge” shall be disclosed more conspicuously than other terms, data, or information, except information relating to the identity of the creditor. Regulations may permit the use of terminology different from that employed in the act if it conveys substantially the same meaning.

OPEN-END CREDIT: 

OPEN-END CREDIT Using a credit card issued by a department store, a bank credit card (VISA, MasterCard), “charging” a meal at a restaurant, or using “overdraft” protection are all examples of “open-end” credit. You do not apply for open-end credit for a single purchase. You can use it to make whatever purchases you wish if you do not exceed your “line of credit” — the maximum amount of credit you can use. You may have to pay interest —a periodic charge for the use of credit —or other finance charges. Some creditors allow you 30 days to pay the bill in full and not incur any interest charges on purchases.

Open-end Disclosures: 

Open-end Disclosures No credit card shall be issued except in response to a request or application. Before opening any account under an open-end consumer credit plan, the creditor shall disclose to the person to whom credit is to be extended each of the following items, to the extent applicable: The conditions under which a finance charge may be imposed. The method of determining the balance upon which a finance charge will be imposed.

Open-end Disclosures: 

The method of determining the amount of the finance charge. Where one or more periodic rates may be used to compute the finance charge, each such rate. Identification of other charges. In cases where the credit is or will be secured, a statement that a security interest has been or will be taken. Open-end Disclosures

APPLICATIONS OR SOLICITATIONS: 

APPLICATIONS OR SOLICITATIONS An application, that is mailed to consumers shall disclose the following information: each annual percentage rate applicable any annual fee, other periodic fee any minimum finance charge imposed any transaction charge imposed the date by which purchases must be repaid to avoid incurring a finance charge the name of the balance calculation method u the date the application or solicitation printed

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a toll free telephone number or a mailing address of the creditor a statement that charges are due and payable upon receipt of a periodic statement any fee imposed for an extension of credit in the form of cash any fee imposed for a late payment any fee imposed for exceeding a credit limit any fee imposed to transfer an outstanding balance. Applications Or Solicitations

PERIODIC STATEMENTS: 

PERIODIC STATEMENTS The creditor shall transmit to the obligor a statement including the following items to the extent applicable: The outstanding balance. The amount and date of each extension of credit during the period. The total amount credited to the account during the period.

Periodic Statements: 

The amount of any finance charge added to the account during the period. The total finance charge expressed as an annual percentage rate if it is over 50 cents. The balance on which the finance charge was computed and a statement of how the balance was determined. The date by which or the period within which payment must be made to avoid additional finance charge. Periodic Statements

Periodic Statements: 

The address to be used by the creditor for the purpose of receiving billing inquiries Where one or more periodic rates may be used to compute the finance charge, each such rate, the range of balances to which it is applicable, and the corresponding nominal annual percentage rate Periodic Statements

PROMPT CREDITING OF PAYMENTS: 

PROMPT CREDITING OF PAYMENTS A creditor shall credit a payment to the consumer’s account as of the date of receipt, except when a delay in crediting does not result in a finance or other charge or except as follows: If a creditor specifies, on or with the periodic statement, requirements for the consumer to follow in making payments, but accepts a payment that does not conform to the requirements, the creditor shall credit the payment within five days of receipt.

Prompt Crediting Of Payments: 

If a creditor fails to credit a payment, as required, in time to avoid the imposition of finance or other charges, the creditor shall adjust the consumer’s account so that the charges imposed are credited to the consumer’s account during the next billing cycle. Prompt Crediting Of Payments

LIABILITY OF HOLDER OF CREDIT CARD: 

LIABILITY OF HOLDER OF CREDIT CARD the card is an accepted credit card; the liability is not in excess of $50; the card issuer gives adequate notice to the card holder of the potential liability; A Cardholder shall be liable for the unauthorized use of a credit card only if -

Liability Of Holder Of Credit Card: 

the unauthorized use occurs before the card issuer has been notified that an unauthorized use of the credit card has occurred or may occur as the result of loss, theft, or otherwise; and the card issuer has provided a method whereby the user of such card can be identified as the person authorized to use it. Liability Of Holder Of Credit Card

BILLING ERROR RIGHTS: 

BILLING ERROR RIGHTS A credit cardholder who discovers a billing error must send to the creditor, at the address given on the creditor's statement of billing rights, a written notice (other than notice on a payment stub or other payment medium supplied by the creditor) within sixty days after having received a statement with the error.

Rules Pending Resolution: 

Rules Pending Resolution The consumer need not pay (and the creditor may not try to collect) any portion of any required payment that the consumer believes is related to the disputed amount (including related finance or other charges). The creditor or its agent shall not (directly or indirectly) make or threaten to make an adverse report to any person about the consumer’s credit standing, or report that an amount or account is delinquent due to the disputed amount or related finance or other charges.

Procedures If Billing Error Occurred: 

Procedures If Billing Error Occurred If a creditor determines that a billing error occurred as asserted, it shall: Correct the billing error and credit the consumer’s account with any disputed amount and related finance or other charges, as applicable; and Mail or deliver a correction notice to the consumer.

CASE STUDY 1: 

CASE STUDY 1 John Brown received his billing statement from his credit card company which showed a double billing on a TV John bough with the credit card. What is John's remedy? Should John pay the disputed amount?

Case Study 1 Answer: 

Case Study 1 Answer John must send a written notification to the credit card billing error address stating the item and amount on his statement that is in error. He must also give his full name and account number. The notification must be sent within 60 days after having received a statement with the error. The credit card issuer then has within 30 to acknowledge his notification and has to resolve the issue within 90 days or two billing cycles whichever is greater. John should not pay the disputed amount or any finance charge on the disputed amount.

CASE STUDY 2: 

CASE STUDY 2 Mary had used her credit card to make a purchase on Friday. On Monday when she went to make another purchase she discovered that her credit card was missing. She contacted the store where she made a purchase on Friday but they did not have her card. What should Mary do? What is she liable for if someone has used her credit card.

Case Study 2 Answer : 

Case Study 2 Answer Mary should immediately call the number on her credit card statement to call if a card is lost or stolen and report the card lost. If there were no unauthorized charges made before she notified the credit card issuer, she is not liable for any amount. If there were unauthorized charges against her credit card, the most Mary is liable for is $50.00.

TOPIC 3 — Closed-end Consumer Credit: 

TOPIC 3 — Closed-end Consumer Credit Objective: Students will know what disclosures are required on closed-end consumer credit transactions. Students will become familiar with the segregated disclosures. Materials Needed: Reading 5 — "Closed-end Credit Disclosures” Transparency 2 — Transparency 3 — Student Exercise 2” Brochures Hidden Word Puzzle

DISCLOSURE REQUIREMENTS: 

DISCLOSURE REQUIREMENTS The creditor shall make the disclosures required clearly and conspicuously in writing, in a form that the consumer may keep. The disclosures shall be grouped together, shall be segregated from every-thing else, and shall not contain any information not directly related to the disclosures required. The itemization of the amount financed must be separate from the other disclosures under that section.

Disclosure Requirements: 

The terms “FINANCE CHARGE” and “ANNUAL PERCENTAGE RATE,” when required to be disclosed together with a corresponding amount or percentage rate, shall be more conspicuous than any other disclosure, except the creditor's identity. Disclosure Requirements

Time & Basis Of Disclosures: 

Time & Basis Of Disclosures The creditor shall make disclosures before consummation of the transaction. The disclosures shall reflect the terms of the legal obligation between the parties. If any information necessary for an accurate disclosure is unknown to the creditor, it shall make the disclosure based on the best information reasonably available at the time the disclosure is provided to the consumer, and shall state that the disclosure is an estimate.

Content Of Disclosures: 

The creditor shall disclose the following information as applicable: The identity of the creditor making the disclosures. The “amount financed,” using that term, and a brief description such as ”the amount of credit provided to you or on your behalf. ” A separate written itemization of the amount financed. Content Of Disclosures

Content Of Disclosures: 

The “finance charge,” using that term, and a brief description such as “the dollar amount the credit will cost you.” The “annual percentage rate,” using that term, and a brief description such as ”the cost of your credit as a yearly rate.” The circumstances under which the rate may increase; any limitations on the increase; the effect of an increase; and an example of the payment terms that would result from an increase. Content Of Disclosures

Content Of Disclosures: 

The number, amounts, and timing of pay-ments scheduled to repay the obligation. The ”total of payments,” using that term, and a explanation such as ”the amount you will have paid when you have made all scheduled payments.” In a credit sale, the ”total sale price,” using that term, and an explanation (including the amount of any downpayment) such as ”the total price of your purchase on credit, including your downpayment of $________ .” Content Of Disclosures

Content Of Disclosures: 

If the obligation has a demand feature. A statement indicating whether or not a penalty may be imposed if the simple interest obligation is prepaid in full. Any dollar or percentage charge that may be imposed before maturity due to a late payment, other than a deferral or extension charge. Assumption policy Required deposit Content Of Disclosures

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The fact that the creditor has or will acquire a security interest in the property purchased as part of the transaction, or in other property identified by item or type. Insurance and debt cancellation. Must be voluntary with customer receiving disclosures of the premium and term. A statement that the consumer should refer to the appropriate contract document for information. Content Of Disclosures

Example Of Some Loan Disclosures: 

Example Of Some Loan Disclosures FINANCE CHARGE The dollar amount the credit will cost you. $_________ ANNUAL PERCENTAGE The cost of your credit as a yearly rate. ________% Amount Financed The amount of credit provided to you or on your behalf. $_______ Total of Payments The amount you will have paid when all payments are made on time $_______

STUDENT EXERCISE 2: 

STUDENT EXERCISE 2 1. Consumer credit information required to be given before a consumer credit transaction are: disclosures A plan under which the creditor reasonably contemplates repeated transactions, which prescribes the terms of such transactions, and which provides for a finance charge which may be computed from time to time on the outstanding unpaid balance. open-end

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3. Any person to whom a credit card is issued or any person who has agreed with the card issuer to pay obligations arising from the issuance of a credit card to another person: cardholder 4. Which of the following items should be disclosed more conspicuously than other terms, data, or information provided: annual percentage rate and finance charge Student Exercise 2

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5. The maximum cardholder liability on a lost or stolen card is: $50.00 6. If you have a billing error on your credit card statement, you must write to the card issuer within: 60 days 7. The total cost of your purchase on credit including your down payment. Total Sale Price Student Exercise 2

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