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:

Investment Banker

A professional who works in a financial services company or division that specializes in raising capital for companies, governments, or other entities.

Initial Margin

The upfront payment required when opening a position in the futures market, serving as a guarantee for future contract fulfillment.

Primary Market

The market in which new issues of securities are offered to the public.