The Truth-in-Lending Simplification Act:
A) permits debt collectors to contact third parties but the debt collector may not state that the consumer owes a debt.
B) redefines the necessary items to be included in a finance statement.
C) requires the First Bank of the United States to issue model disclosure forms.
D) requires the imposition of fines for technical breaches of the Act.
E) eliminates statutory penalties for purely technical violations of the Act.

Question

Quizplus · Accepted Answer

In 1980, Congress passed the Truth-in-Lending Simplification Act. Two changes from the original Act stand out. First, the law eliminates statutory penalties based on purely technical violations of the Act. Second, the Simplification Act requires the Federal Reserve Board to issue model disclosure forms.

The Truth-In-Lending Simplification Act