The act of obtaining credit, assets, money, funds, or securities under the custody of a financial institution through false pretenses

Created to maintain the public’s confidence in banks and encourage stable banking practices

Home Equity is defined as:

Requires creditors to disclose the conditions, rates, and terms of home equity loan plans

Grants consumers’ personal financial records a reasonable amount of privacy from federal government searches

Increased the government’s ability to combat bank fraud is called: ___

Law that grants consumers to the right to know who requests to view their credit report over the past year

Creditor is defined as:

Document that summarizes a consumer’s financial history including number of credit cards, payments to credit cards, and number of late payments (if any)

Person or business providing credit

Amendments to the Truth-in-Lending law that include requirements for cosigners who applicants under 21 years of age

Law that states that a consumer’s credit application can only be judged on the basis on financial responsibility not the applicant’s gender, race, marital status, age, national origin, or receipt of public assistance

Sets the maximum amount of interest that can be charged for a loan

Prohibits unfair, abusive, and deception methods of collecting debt

Requires the debtor to liquidate (sale) nonexempt property to repay creditors

A contractual agreement in which one party receives something of value now and agrees to pay the lender in the future

Form of bankruptcy that allows businesses to create a plan to “reorganize” and pay off their debts over time

Form of bankruptcy that allows family farmers and fishing business owners to recover from debt

Form of bankruptcy that allows an individual to submit a plan to repay debts in 3 to 5 years.

Legal proceeding for a person or business unable to pay an outstanding debt

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