The Primary Purpose of the Truth-In-Lending Act Is to

question 11

Multiple Choice

The primary purpose of the Truth-in-Lending Act is to

• A) require full disclosure of the amount of the promissory note
• B) provide meaningful information to borrowers on the cost of consumer credit
• C) discourage excessive loan costs for consumers
• D) establish limits on the total charges a lender can assess for a loan

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Definitions:

Corporate Ship

An unofficial term possibly referring to a company or a corporation operating in a global or international market, navigating through business waters.

Duty to Disclose

A legal obligation requiring a party to reveal important information to another, often seen in contracts and dealings.

Voting on Proposal

The process by which members of a group make a decision or express an opinion on a suggested plan or action by casting votes.

Apartment Building

A multi-story building comprising several residential units known as apartments.