Business Law - Objective 4.01

Allows an individual to submit a plan to repay debts in 3 to 5 years

Requires creditors to provide consumers with the terms and cost credit 

Increased the government's ability to combat bank fraud

An agreement in which one party receives something of value now and agree to pay in the future

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

The current market value of a home minus the remaining balance

Person or business that receives the credit

Prohibits unfair, abusive and deceptive methods of collecting a debt

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

Law that grants consumers to know who request to view their credit report

Law that states a consumer's credit can only be judged their financial responsibility

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

Summary of a consumer's financial history including # of credit cards, payments and late ones

Person or business providing credit

Created to maintain confidence in banks & encourage stable banking practices

Protects consumers' right to attain, use, & maintain credit by monitoring and enforcing the law

Allows businesses to create a plan to "reorganize" and pay off their debts over time

Grants consumers' personal financial records at reasonable amount of privacy

FDIC

The act of obtaining credit, assets, money, funds, etc. from a bank under false pretenses

Provides consumer with a means to dispute billing errors on credit and charge cards

Allows family farmers and fishing business owners to recover from debt

Requires creditors to disclose conditions, rates & terms of home Equity loans

Amendment to the Truth in Lending Law that require cosigners if applicant is under 21

Provide consumers against unauthorized electronic transaction