Financial institutions must provide consumers with a privacy notice if

They intend to share the info with nonaffiliated parties

Which of the follow is not a prohibited misrepresentation of loan related terms?

Misrepresentation of documents not needed

A customer relationship isn’t established when…

A consumer inquires about a loan product

The MARS Rule prohibits…

Payment of advance fees in mortgage relief services

What is the purpose of the Safeguards Rule?

Ensure protection of personal information

An example of nonpublic information is which of the following.

Information obtained from a consumer report

Telemarketers are not allowed to…

Require payment of fee in advance of obtaining a loan

A SAR must be filed when there is

Evidence funds in a transaction may be illegally obtained

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Miscellaneous Laws

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Questions 20

Answers

1
Financial institutions must provide consumers with a privacy notice if
If the customer requests to keep their information private
Once a customer relationship is established
They intend to share the info with nonaffiliated parties
Once information has been shared with a third party
2
Which of the follow is not a prohibited misrepresentation of loan related terms?
Misleading comparison between rates or payments
Misrepresentation of APR
Misrepresentation of taxes
Misrepresentation of documents not needed
3
The MAP rule applies which of the following types of organizations?
Banks
Credit unions
Mortgage brokers
Deposit institutions
4
A customer relationship isn’t established when…
The consumer enters an agreement to obtain a loan
The consumer completes a loan application
A consumer inquires about a loan product
A financial institution obtains servicing for a loan
5
A HAMP is a type of…
Refinance
Foreclosure
Reverse mortgage
Loan modification
6
The regulatory agency of the Patriot Act is…
FInCen
The CFPB
The US Treasury
The FBI
7
How long must mortgage companies engaged in telemarketing retain records of their activity?
25 months
24 months
12 months
36 months
8
How long does a consumer have to opt out of the sharing of their information?
60 days
15 days
180 days
30 days
9
Any receipt of currency in excess of _______ is reportable.
2,500
5,000
10,000
6,000
10
The MARS Rule prohibits…
Misrepresenting information in refinance advertisements
Certain types of loan modifications
Payment of advance fees in mortgage relief services
Any payment for mortgage relief services
11
What is the purpose of the Safeguards Rule?
Ensure protection of personal information
ID the allowable methods of sharing personal information
Identify identity theft
Set the minimal software security software required
12
The MAP rule does not apply to…
Web pages
Oral statements
The loan application
Telemarketing scripts
13
An example of nonpublic information is which of the following.
Your address
Your phone number
Information contained in government real estate records
Information obtained from a consumer report
14
How long must institutions subject to the MAP Rule retain commercial communication copies?
1 year
3 months
6 months
2 years
15
The E-Sign act applies to…
Both A and B
None of the above
Interstate commerce
Foreign commerce
16
How long are documentation of SAR’s retained?
4 years
2 years
5 years
3 years
17
How often must business that conduct telemarketing access the Do-Not-Call Registry?
31 days
30 days
60 days
7 days
18
Telemarketers are not allowed to…
Charge consumers for goods
Require payment of fee in advance of obtaining a loan
Call between 8am and 9pm
Charge consumers for goods
19
This is needed in order to use electronic signatures.
Permission from lender
A precedence of using electronic signatures
Consent from the consumer
A signed form
20
A SAR must be filed when there is
Any proof that funds in a transaction are from illegal means
Any suspicion of terrorist related activities
Evidence funds in a transaction may be illegally obtained
Any evidence of mortgage fraud has been committed

Miscellaneous Laws Flashcards | StudBud