BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Credit Card Act of 2009
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Usury Law
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Truth In Lending Act
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Fair Credit Reporting Act
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Detailed explanation-1: -Unauthorized Use If you credit card is lost or stolen and used by someone without your authorization, your liability for the unauthorized charges is limited to $50 under the federal Truth in Lending Act.
Detailed explanation-2: -The FCBA covers billing errors on “open-end” or revolving accounts. These include credit cards, charge cards and home equity lines of credit. However, the law doesn’t cover installment loans-like auto loans-that give you a set period of time to pay off your debt.
Detailed explanation-3: -The amendment prohibits creditors from taking actions that adversely affect the consumer’s credit standing until an investigation is completed, and affords other protection during disputes.
Detailed explanation-4: -Examples of billing errors Charges in the wrong amount. Charges for goods or services not received by the consumer. Charges for goods not delivered as agreed. Charges for goods that were damaged on delivery.