The Truth-in-Lending Act covers only certain classes of consumer credit transactions. For example, the:
A) debtor must be a business organization
B) creditor may not be a business organization
C) creditor must be in the business of regularly granting credit
D) debtor must be a business organization and the creditor must be in the business of regularly granting credit
E) creditor may not be a business organization and the creditor must be in the business of regularly granting credit

Question

Quizplus · Accepted Answer

The Truth-in-Lending Act applies to consumer credit transactions where the creditor is engaged in the business of regularly granting credit. The Act does not require the debtor to be a business organization, and there is no restriction on whether the creditor is a business organization or not. Therefore, only option C correctly identifies the requirement for the creditor to be in the business of regularly granting credit.

The Truth-In-Lending Act Covers Only Certain Classes of Consumer Credit