According to the Fair Credit Billing Act, If a Creditor

question 59

Multiple Choice

According to the Fair Credit Billing Act, if a creditor fails to follow the rules that apply to correcting any billing errors, you have the right to sue for

• A) Actual damages.
• B) Actual damages plus twice the amount of any finance charges.
• C) Punitive damages
• D) Three times the actual damages.
• E) Finance charges only

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Definitions:

Ownership Interest

The proportion of a company or property owned by an individual or entity, often represented as a share of equity.

Capital Balances

The amounts of money invested by owners or shareholders in a company, reflecting the net assets owned by the investors.

Profit Sharing

A company policy of distributing a portion of its profits to its employees as a form of bonus or incentive.

Ownership Interest

A stake or share in the ownership of a business or property, representing a claim on its assets and profits.