Fact Pattern 16-1 (Questions 16-17 Apply)

question 59

Multiple Choice

Fact Pattern 16-1 (Questions 16-17 apply)
Northeast Bank makes mortgage loans to consumers, including Mai, to buy homes.
-Refer to Fact Pattern 16-1. Under federal law, disclosures with respect to one of Northeast's loans must be provided

• A) a certain number of days after the loan is finalized.
• B) a certain number of days before the loan is finalized.
• C) at the same time at which the loan is finalized.
• D) at whatever time is most rational and appropriate.

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Definitions:

Reasonable Basis

A concept used in various legal and financial contexts to signify that there is a sound, logical foundation for a particular action or decision.

Claims

Demands or assertions of right to payment or to a legal remedy for loss or damage.

Corrective Advertising

Advertising in which the company explicitly states that formerly advertised claims were untrue. Also called counteradvertising.

Advertisements

Messages intended to promote or sell a product, service, or idea through various media channels.