Under the Truth-In-Lending Act, a Creditor Who Violates Disclosure Rules

question 125

True/False

Under the Truth-in-Lending Act, a creditor who violates disclosure rules may have to pay the consumer double the finance charged owed by the consumer (up to $1,000) plus attorney fees and court costs.

---

Definitions:

Disadvantages

Negative or unfavorable aspects and conditions that hinder success or effectiveness.

Labor Costs

Expenses related to compensating employees, including wages, salaries, benefits, and taxes, incurred by an employer.

Pay System

The structure and methodology an organization uses to compensate its workers, encompassing salary, wages, bonuses, and benefits.

Performance-Based Pay

A compensation system where employees are paid based on their performance or achievements in their role, rather than receiving a fixed salary.