Which of the Following Statements Is True of the Equal

question 28

Multiple Choice

Which of the following statements is true of the Equal Credit Opportunity Act of 1975?

• A) Creditors are prohibited from making credit decisions on the basis of discriminatory practices.
• B) Creditors are required to let consumers know how much they are paying in finance charges and interest.
• C) No public company may make, extend, modify, or renew any personal loan to its executive officers or directors, with limited exceptions.
• D) Destroying, altering, or falsifying records with the intent to impede or influence any federal investigation or bankruptcy proceeding is punishable.
• E) Businesses are required to withhold income taxes from employees' earnings and send them to the federal government.

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Definitions:

Breach of Contract

Occurs when one party fails to fulfill their obligations under the contract’s terms, allowing for legal action by the other party.

Transporter

A transporter refers to an individual or service that moves goods or people from one location to another.

Voidable

Refers to a contract that may appear valid but can be legally declared void at the option of one of the parties.

N.S.F.

Stands for "Non-Sufficient Funds," indicating that a bank account does not have enough balance to cover a transaction.