Bob borrows $6,000 from his credit union to pay for a car he is purchas?ing. Bob mails the payments to the credit union. This transaction is subject to

Question

Quizplus · Accepted Answer

The transaction of borrowing money from a credit union and making payments to a lender is subject to the Truth-in-Lending Act (TILA), which requires lenders to disclose the terms and conditions of the loan, including the annual percentage rate (APR), finance charges, and any other applicable fees. TILA aims to protect consumers from unfair or deceptive lending practices and ensure that consumers have access to accurate and meaningful information about their loans. The other options (A, B, and D) do not apply to this transaction.

Bob Borrows $6,000 from His Credit Union to Pay for a Car