Under the Truth in Lending Act (TILA),a Creditor Can Unilaterally

question 83

Multiple Choice

Under the Truth in Lending Act (TILA) ,a creditor can unilaterally terminate a credit plan for a home equity loan and require immediate repayment of the outstanding balance when a consumer has:

• A)paid the installment without the added interest.
• B)lost his only source of income.
• C)defaulted on one repayment installment.
• D)made material misrepresentations.

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Definitions:

Fiscal Year

A 12-month period used by governments and businesses for accounting purposes, which may or may not align with the calendar year.

Quarterly Reporting

The process of disclosing a company's financial performance and position every three months to stakeholders.

Permanent Loss

A loss that is not expected to be recovered in the future and has a lasting effect on asset value.

Inventory Market Decline

A decrease in the market value of inventory, possibly due to reduced demand, overstocking, or market conditions, necessitating a reassessment of inventory value on balance sheets.