Which of the following statements is true of the Truth-in-Lending Simplification Act?
A) It restricts statutory penalties to failures to disclose credit terms that are of material importance in credit comparisons.
B) It requires statutory penalties to be based purely on technical violations of the act.
C) It eliminates the need for model disclosure forms issued by the government.
D) It restricts state laws from allowing private lawsuits against deceptive advertisements.
E) It prohibits companies from the practice of redlining.

Question

Quizplus · Accepted Answer

The Truth-in-Lending Simplification Act restricts statutory penalties to failures to disclose credit terms that are of material importance in credit comparisons. This act also requires the government to issue model disclosure forms.

Which of the Following Statements Is True of the Truth-In-Lending