Which of the following is NOT one of the provisions of the Truth in Lending Act?
A)It requires a full disclosure of the comparative costs of buying goods for cash or on credit.
B)The creditor must disclose, in writing and in advance of signing, the total dollar finance charge and the effective annual percentage rate (APR)of the interest or finance charge.
C)It provides for a three-day "cooling-off" period when a consumer agrees to borrow on the security of a second mortgage on a home.
D)It places a limit on the rate or amount of interest or carrying charge.

Question

Which of the following is NOT one of the provisions of the Truth in Lending Act?
A)It requires a full disclosure of the comparative costs of buying goods for cash or on credit.
B)The creditor must disclose, in writing and in advance of signing, the total dollar finance charge and the effective annual percentage rate (APR)of the interest or finance charge.
C)It provides for a three-day "cooling-off" period when a consumer agrees to borrow on the security of a second mortgage on a home.
D)It places a limit on the rate or amount of interest or carrying charge.

Quizplus · Accepted Answer

The Truth in Lending Act (TILA) focuses on the disclosure of credit terms and costs, ensuring consumers are informed about charges, APR, and their rights. It does not directly place a limit on interest rates or carrying charges; such regulations are typically handled by state laws or other federal regulations.

Which of the Following Is NOT One of the Provisions