Question 1

The ________ limits the contact that a debt collector may have with third persons other than the debtor's spouse or parents.

Accepted Answer

The answer of The ________ limits the contact that a...

Question 2

The ________ applies to lessors who engage in leasing or arranging leases for consumer goods in the ordinary course of their business.

Accepted Answer

The answer of The ________ applies to lessors who engage...

Question 3

How does the Mortgage Reform and Anti-Predatory Lending Act of 2010 help regulate mortgage transactions?

Accepted Answer

The answer of How does the Mortgage Reform and Anti-Predatory...

Question 4

Give an account of the Consumer Financial Protection Act of 2010.

Accepted Answer

The answer of Give an account of the Consumer Financial...

Question 5

________ is defined as credit extended to natural persons for personal,family,or household purposes.

Accepted Answer

The answer of ________ is defined as credit extended to...

Question 6

Title XIV of the Dodd-Frank Act,called the ________ Act,is designed to eliminate many abusive loan practices and mandates new duties and disclosure requirements for mortgage lenders.

Accepted Answer

The answer of Title XIV of the Dodd-Frank Act,called the...

Question 7

________ is an administrative agency regulation that sets forth detailed rules for compliance with the Truth-in-Lending Act (TILA).

Accepted Answer

The answer of ________ is an administrative agency regulation that...

Question 8

Lease creditors that violate the ________ Act are subject to the civil and criminal penalties provided in the Truth-in-Lending Act (TILA).

Accepted Answer

The answer of Lease creditors that violate the ________ Act...

Question 9

The ________ Act is a federal statute that prohibits discrimination in the extension of credit based on sex,marital status,race,color,national origin,religion,age,or receipt of income from public assistance programs.

Accepted Answer

The Equal Credit Opportunity Act prohibits discrimination in credit based on various factors including race, color, religion, national origin, sex, marital status, and age. The other options (Fair Debt Collection Practices Act, Fair Credit Billing Act, and Truth-in-Lending Act) address different issues related to consumer credit but do not specifically target discrimination.

Question 10

Regulation of mortgage lending comes under the purview of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Accepted Answer

The Dodd-Frank Wall Street Reform and Consumer Protection Act includes regulations to oversee mortgage lending practices in the United States.

Question 11

The Equal Credit Opportunity Act does not have provisions for consumers to recover damages against the creditor.

Accepted Answer

The Equal Credit Opportunity Act does have provisions for consumers to recover damages against the creditor for violations of the act.

Question 12

Casual leases between consumers are subject to the Consumer Leasing Act (CLA).

Accepted Answer

The Consumer Leasing Act (CLA) applies to personal property leases that exceed four months and are made to consumers for personal, family, or household purposes, but it generally does not apply to casual leases between consumers, which are typically informal and not conducted by a business or for a commercial purpose.

Question 13

The ________ expressly prohibits debt collectors from using certain practices like harassing,abusing,or intimidating debtors.

Accepted Answer

The answer of The ________ expressly prohibits debt collectors from...

Question 14

The Fair Credit Billing Act requires that creditors promptly acknowledge in writing consumer billing complaints and investigate billing errors.

Accepted Answer

The Fair Credit Billing Act indeed requires that creditors promptly acknowledge in writing consumer billing complaints and investigate billing errors.

Question 15

The ________ allowed all credit-card companies with whom a cardholder had a credit card to raise the interest rate on his or her card,including on the existing balances,if the cardholder was late in making a payment to any credit card company.

Accepted Answer

The answer of The ________ allowed all credit-card companies with...

Question 16

The ________ Act is a federal statute that requires disclosure of credit terms on credit card and charge card solicitations and applications.

Accepted Answer

The answer of The ________ Act is a federal statute...

Question 17

The ________ is a federal statute that requires creditors to make certain disclosures to debtors in consumer transactions and real estate loans on the debtor's principal dwelling and covers only creditors that regularly extend credit for goods or services to consumers.

Accepted Answer

The answer of The ________ is a federal statute that...

Question 18

The Fair and Accurate Credit Transactions Act permits consumers to place fraud alerts on their credit files.

Accepted Answer

This statement is true. The Fair and Accurate Credit Transactions Act of 2003 allows consumers to request fraud alerts be placed on their credit files. A fraud alert is a notice that is placed on a consumer's credit report to alert creditors and lenders that they may be a victim of identity theft or fraud, which could potentially stop someone from opening new accounts in the consumer's name.

Question 19

The ________ Act permits consumers to place fraud alerts in their credit files.

Accepted Answer

The answer of The ________ Act permits consumers to place...

Question 20

A person of a specific religion is protected from credit extension discrimination by the ________ Act.

Accepted Answer

The answer of A person of a specific religion is...

Quiz 23: Consumer Protection