Standardization of Credit Figures (Total Finance Charge in Dollars and the Annual

question 52

Multiple Choice

Standardization of credit figures (total finance charge in dollars and the annual percentage rate of interest) is required by the

• A)Fair Credit Reporting Act.
• B)Truth in Lending Act.
• C)Fair Credit Billing Act.
• D)Equal Credit Opportunity Act.

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Definitions:

Legislation

Laws enacted by a governmental body, such as statutes or acts, established to regulate, authorize, sanction, grant, declare, or restrict.

Mediator

A neutral third party who facilitates discussion between parties to a dispute to encourage and assist their coming to an agreement; sometimes referred to as a conciliator.

Agreement

A mutual understanding or arrangement between two or more parties, usually establishing a legal obligation.

Administrative Tribunals

Specialized dispute adjudication forums created by statute, that have been given quasi-judicial powers to resolve disputes and enforce legislation.