It must provide in writing to consumer at least 21 days before the effective date of any change in a term or condition disclosed in the initial disclosure statement if the change results in: • Increased fees • Increased liability for the consumer • Fewer types of available EFTs • Stricter limitations on frequency or dollar amount of EFTs What is it?

Question

Quizplus · Accepted Answer

This is a requirement for the Change-in-terms notice, as it is mandated by the Electronic Funds Transfer Act (EFTA) to provide consumers with ample time to react to any changes that may negatively affect them. The other options listed (B, C, and D) do not necessarily require a 21-day notice, although they may be subject to other regulatory requirements or timeframes.

It Must Provide in Writing to Consumer at Least 21