Lenders Are Required to Disclose the Terms of a Loan

question 16

Multiple Choice

Lenders are required to disclose the terms of a loan in clear, readily understandable language under

• A) the Loan Flipping Statute.
• B) the Truth-in-Lending Act.
• C) the Steering and Targeting Rule.
• D) the Proper Lending Practices Law.

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Definitions:

Fraud Prevention

Strategies and measures employed by organizations to detect, prevent, and protect against fraudulent activities or financial irregularities.

Prescribed Controls

Regulations or procedures set by an authority (such as a government or regulatory body) that are designed to govern the operation and security of systems or processes.

Physical Controls

Measures and procedures used to safeguard assets, including inventory and equipment, from loss, theft, or unauthorized access.

Cashier Department

A division in a company or organization responsible for handling cash transactions, receipts, and disbursements.