Which of the Following Is True About the Penalties and Remedies

question 91

Multiple Choice

Which of the following is true about the penalties and remedies under the Truth-in-Lending Act?

• A) There are no civil penalties for violation of Truth-in-Lending.
• B) The criminal liability provisions make creditors liable to debtors for an amount equal to twice the finance charge.
• C) Creditors may avoid liability in the event they make an error, provided they notify the debtor within 30 days after discovering the error.
• D) If creditors avoid liability in making an error by notifying the debtor within 60 days after discovering and correcting the error, the law allows for corrections in favor of the debtor only.
• E) Creditors are, in certain cases, allowed to collect finance charges in excess of those actually disclosed.

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Definitions:

WIIFM

"What's In It For Me?" - A perspective or approach focusing on the benefits or advantages for an individual or audience.

Acronym

A shortened form of a phrase or series of words, in which each letter stands for a distinct word constituting the phrase.

Audience Anticipation

The expectation or suspense that an audience feels in anticipation of something that is to happen, especially in entertainment or presentations.

Property Description

Detailed explanation or depiction of the characteristics, features, and attributes of real estate or physical property.