Under the TILA,if a Credit Plan for a Home Equity

question 55

Multiple Choice

Under the TILA,if a credit plan for a home equity loan involves a variable interest rate,the "index rate" to which changes in the APR are pegged must be:

• A) based on creditworthiness of the debtor.
• B) under the creditor's control.
• C) based on some publicly available rate.
• D) under the debtor's control.

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Definitions:

Twenty-Sixth Amendment

An amendment to the U.S. Constitution that lowered the voting age from 21 to 18.

Voting Age

The legal age at which a person is granted the right to vote in public elections, typically set at 18 years in many countries.

Due Process

A constitutional principle that requires government to respect all legal rights that are owed to a person, ensuring fair procedures when it seeks to deprive a person of life, liberty, or property.

Age of Majority

The legally recognized age at which an individual is considered an adult, capable of taking legal actions and responsibilities.