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Protecting the Borrower
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Business Law Principles and Practices

Business

Quiz 35 :
Protecting the Borrower

Quiz 35 :
Protecting the Borrower

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A consumer with a revolving charge account must pay the full amount owed each month.
Free
True False
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Answer:

False

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A credit card holder's liability for unauthorized use of the charge card is unlimited if the card was lost or misplaced.
Free
True False
Answer:

Answer:

False

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If you use your car as collateral for a loan, you will not have clear title to the car until the loan is repaid.
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True False
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Answer:

True

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The Equal Credit Opportunity Act ensures that anyone applying for credit receives it.
True False
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If an applicant is denied credit, the applicant must receive a written explanation.
True False
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A denial of credit based solely on the age of the borrower is always illegal.
True False
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The Truth in Lending Law requires that the cost of credit be stated both in dollars and cents and as a percentage of the amount borrowed.
True False
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A credit bureau is not required to verify information in a person's credit file.
True False
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All consumers are entitled to a free annual credit report.
True False
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The Fair Debt Collection Practices Act forbids the use of threats or violence to collect an amount owed.
True False
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It is illegal for a creditor to call a debtor at the debtor's place of employment without the employer's consent.
True False
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In many states, usury is a crime.
True False
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All debtors must receive credit counseling before they can file for bankruptcy.
True False
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Any person who is seriously in debt may be forced into involuntary bankruptcy.
True False
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The maximum amount that may be owed on a credit card at any one time is called the
Multiple Choice
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If the card issuer is properly notified of the loss of a credit card, the cardholder's liability is limited to
Multiple Choice
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An agreement to pay for an item in fixed, regular payments is called
Multiple Choice
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If a debit card owner never notifies the card issuer of the card's loss, the cardholder will be liable for
Multiple Choice
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A debit card holder who notifies the card issuer within two days of the card's loss is liable for
Multiple Choice
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When deciding whether to grant credit, a creditor may not consider the applicant's
Multiple Choice
Answer:
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