Max's credit card was stolen last week.By the time Max reported this theft and got his card canceled,the thief had already withdrawn $10,000 using his card.Under the Truth in Lending Act (TILA),what is Max's maximum liability for this unauthorized use of his card?

Question

Quizplus · Accepted Answer

Max's maximum liability for unauthorized use of his credit card is $50 under the TILA.The TILA limits a cardholder's liability for unauthorized use of the card to a maximum of $50.

Max's Credit Card Was Stolen Last Week