Greg signs an installment contract with Home Appliance Store to finance the purchase of new kitchen appliances. This transaction is subject to
A)no federal law.
B)the Fair Credit Reporting Act.
C)the Telecommunications Act.
D)the Truth-in-Lending Act.

Question

Quizplus · Accepted Answer

The Truth-in-Lending Act is applicable here as it requires lenders, including sellers like Home Appliance Store offering financing, to disclose to consumers the terms and costs of credit transactions, which would include an installment contract for the purchase of kitchen appliances.

Greg Signs an Installment Contract with Home Appliance Store to Finance