Which Federal Law Requires Creditors to Inform Applicants of Acceptance

question 154

Multiple Choice

Which federal law requires creditors to inform applicants of acceptance or rejection of their credit application within 30 days of receiving a completed application?

• A) Truth in Lending Act
• B) Fair Credit Reporting Act
• C) Fair Credit Billing Act
• D) Equal Credit Opportunity Act
• E) Fair Debt Collection Practices Act

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Definitions:

Long-term Potentiation

A lasting increase in signal transmission between two neurons, thought to be a biological mechanism behind learning and memory.

Synaptic Transmission

The process of transferring neurotransmitters from one neuron to another across a synapse to continue or modify a neural signal.

Information Processing

The series of actions or steps taken in order to store, retrieve, and make sense of information.

Mnemonic Devices

Tools or strategies used to improve memory by associating easy-to-remember constructs with complex information.