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The best answer is A. Thus, Choice A is the best one offered. c. Reverse mortgage transactions. (a) Issuance of credit cards. Sometimes the value on the Certificate of Reasonable Value is less than the purchase price. No credit may be taken under the act for the payments made for such benefits. For an open‑end credit plan, "total loan amount" means the borrower's initial maximum credit limit. In this example, the transaction is an open-end line of credit under Regulation C, provided the other requirements of § 1003.2(o) are met. DEFINITION OF CLOSED END CREDIT DEFINITION OF FINANCE CHARGE Yes/No Comments 1. The FCRA lays out the following basic consumer rights: If a credit report is used against you – such as to deny credit, insurance or employment – you have a right to know about it. 215.4 of this part, an extension of credit by a member bank is considered to have been made at the time the bank enters into a binding commitment to make the extension of credit. Open-end credit transactions; b. Purchase-money loans incurred to acquire or construct a consumer’s principal residence; or . It has to be a true mortgage broker company B. The Rule applies to any consumer credit transaction secured by a dwelling, except an open-end credit plan, timeshare plan, reverse mortgage, or temporary loan or ‘‘bridge’’ loan with a term of 12 months or less.5 It appears that the Rule applies to purchase money and refinances, but not modifications of existing mortgages. Credit cards and lines-of-credit are examples of open-end accounts. For example, payment for workmen's compensation insurance under either a compulsory or elective State statute are not considered payments for fringe benefits under the Act. For all open-end credit, a consumer's payment must be credited on the date of receipt as long as it is received before 5 p.m. Ann. alimony received and child support payments are not considered sources of income. First, the good news. (d) For purposes of Sec. B. Open-end credit plans (such as home equity lines of credit, or HELOCs); Time-share plans; ... You must consider the following eight underwriting standards when making an ATR determination: 10 . The lending institution then sends the cardholder an invoice. open-end loan. For the purposes of computing delinquency, a payment of 90% or more of the contractual payment will be considered as a full payment. Transactions other than under an open end credit plan (a) Required disclosures by creditor. Open-End Loans. Definition is for open-end credit. Closed-end loan . The final rule now expressly excludes loans or lines of credit to be used primarily for agricultural purposes. 2. There is a maximum amount of credit that you can use, called your line of credit. If the consumer fails to settle the outstanding amount on the credit card, he/she would be charged interest until the amount is paid off. The finance charge (interest) is the price you pay for being granted credit. The following points concern those commercial, closed-end mortgage loans or open-end lines of credit that are not covered by HMDA 6: 1. In addition, if real estate prices appreciate, there can be capital gains. For each consumer credit transaction other than under an open end credit plan, the creditor shall disclose each of the following items, to the extent applicable: (1) … §§16a-1-301[17] & 16a-3-308a) In addition, any mortgage may be subject to the UCCC by contract (see Kan. Stat. Similarly, assume a transaction in which the person extending open-end credit is a financial institution under § 1003.2(g) but is not a creditor under Regulation Z, § 1026.2(a)(17). Construction - The best interest of the consumer shall be considered in the interpretation and implementation of the provisions of this Act, including its implementing rules and regulations. Code—The Savings Association Code of 1967 (7 P. S. §§ 6020-1—6020-254). ; You have a right to know what information your credit reports contain. Extension of credit. 2. includes information in the furnisher's possession that the CFPB has determined would likely be materially misleading in evaluating a consumer's creditworthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living, if absent. consolidation loan, you exchange several smaller debts with varying due dates and interest rates for a single large loan with one interest rate and one monthly payment. PPl who use less of their available credit, considered lower risk (30% ) Length of Credit History (15%) New Credit. While each situation must be separately considered on its own merits, payments made for travel, subsistence or to industry promotion funds … In actuality, a credit card is simply a loan from a lending institution (the issuing company) that pays the merchant when it receives a loan document (a credit card receipt) from the merchant. The following words and terms, when used in this chapter have the following meanings, unless the context clearly indicates otherwise: Association—A savings association subject to the Code. For example: i. sec. if the credit is refused, the creditor, on demand, must disclose the reasons for rejection. Which of the following would be considered an acceptable reason to waive the waiting period. Regardless of the purpose for which a credit card is to be used, including business, commercial, or agricultural use, no credit card shall be issued to any person except: (1) In response to an oral or written request or application for the card; or (2) As a renewal of, or substitute for, an accepted credit card. FALSE. Consumer credit classified as a loss—Closed-end consumer credit delinquent 120 days or more—5 monthly payments or more—and open-end consumer credit delinquent 180 days or more—seven zero-billing cycles or more. What Is the Purpose of the Fair Credit Billing Act? c. Total of Payments (226.18(h)) d. Payment Schedules (226.18(g) 2. In this kind of credit the lender extends credit for use by the consumer, with an outside limit that depends on the debtor’s credit history and ability to handle the debt repayment. 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