Which of the Following Is True with Regard to the Federal

question 50

Multiple Choice

Which of the following is true with regard to the federal Electronic Funds Transfer Act?

• A) It is primarily a regulatory statute.
• B) It gives the same protections to customers that are found in Article 4.
• C) It limits a customer's liability for unauthorized transfers to $50 if the consumer notifies the financial institution within two days after learning of the loss or theft.
• D) All of these.

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Definitions:

Involuntary Petitions

Legal filings typically used in bankruptcy laws, forcibly initiating bankruptcy proceedings against a debtor by creditors.

Chapter 7

A provision of the bankruptcy code that provides for "liquidation," wherein a debtor's non-exempt assets are sold and the proceeds distributed to creditors.

Chapter 11

A provision under the US Bankruptcy Code that allows businesses and individuals to reorganize their debts while keeping their assets.

Stockbroker

A professional who buys and sells stocks and other securities for their clients in exchange for a fee or commission.