Under the TILA,a Creditor Can Unilaterally Terminate a Credit Plan

question 28

Multiple Choice

Under the TILA,a creditor can unilaterally terminate a credit plan for a home equity loan and require immediate repayment of the outstanding balance when a consumer has:

• A) paid the installment without the added interest.
• B) lost his only source of income.
• C) defaulted on one repayment installment.
• D) made material misrepresentations.

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Definitions:

Unit Volume

A measurement quantifying the number of units of a product sold or produced.

Volume Objectives

Objectives set by a company to achieve a specified quantity of sales or production volume within a certain timeframe.

Carrying Costs

Expenses related to holding inventory, including storage costs, insurance, and loss due to obsolescence.

Market Share

The proportion of the entire sales volume in a market that is held by a specific brand, product, or company.