Fact Pattern 22-2
24-Hour Credit Corporation issues high-cost and high-fee mortgage products to people, including Benny, who could not easily obtain credit under other loan programs.
-Refer to Fact Pattern 22-2. Under federal law, disclosures with respect to one of 24-Hour Credit's loans must be provided

Question

Fact Pattern 22-2 
24-Hour Credit Corporation issues high-cost and high-fee mortgage products to people, including Benny, who could not easily obtain credit under other loan programs.
-Refer to Fact Pattern 22-2. Under federal law, disclosures with respect to one of 24-Hour Credit's loans must be provided

Quizplus · Accepted Answer

Under federal law, disclosures must be provided to a borrower a certain number of days before the loan is finalized in order to give the borrower sufficient time to review the terms and conditions of the loan and make an informed decision. This requirement is outlined in the Truth in Lending Act (TILA) and Regulation Z.