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Which of the following were the goals of TILA and the CARD Act?
True
Rescission
Balance Carryover
False
3
Closed End
Both were goals
Open End
With an ARM the payment can go up and down depending on rates.
True
Rescission
Balance Carryover
False
3
Closed End
Both were goals
Open End
The amount of borrowed money that has not been repaid from one payment period to the next.
True
Rescission
Balance Carryover
False
3
Closed End
Both were goals
Open End
A type of credit where the consumer is given a credit line and it can be used repeatedly until the maximum is reached.
True
Rescission
Balance Carryover
False
3
Closed End
Both were goals
Open End
How many days did TILA’s right of rescission allow for the voiding of certain loans?
True
Rescission
Balance Carryover
False
3
Closed End
Both were goals
Open End
Voiding a contract is called.
True
Rescission
Balance Carryover
False
3
Closed End
Both were goals
Open End
Type of loan where a consumer is given a set amount of money up front and must repay by a certain date.
True
Rescission
Balance Carryover
False
3
Closed End
Both were goals
Open End
A credit score can range from 0-800.
True
Rescission
Balance Carryover
False
3
Closed End
Both were goals
Open End
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