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A credit card is an example of an open-end consumer loan. Which of the following would be considered an acceptable reason to waive the waiting period. (d) For purposes of Sec. The lending institution then sends the cardholder an invoice. For an open‑end credit plan, "total loan amount" means the borrower's initial maximum credit limit. 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. Credit cards are classified as revolving credit because you have a set credit limit, you can use as much or as little of the credit limit as you want, any balance on the account “revolves” to the next month and the account remains open when the balance is zero. Approximately one-fifth of loans granted by consumer finance companies are for debt consolidation. There is a maximum amount of credit that you can use, called your line of credit. Any bank or credit union that does not fund a specific transaction C. Any financial institution that does not fund a specific transaction D. Any of the above Credit cards and lines-of-credit are examples of open-end accounts. Open-End Loans. The property secured by the loan will be offered up for sheriff's sale during the waiting period. 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. PPl who use less of their available credit, considered lower risk (30% ) Length of Credit History (15%) New Credit. You don't have to use up the entire credit limit all at once. In today’s environment, open-end credit generally includes accounts with much larger lines of credit and higher risk levels. This type of consumer credit is found with most credit cards. Revolving Open-end Credit. For example: i. 2. ARTICLE 4. Closed-end loan . A loan or line of credit is considered temporary financing and excluded under § 1003.3(c)(3) if the loan or line of credit is designed to be replaced by separate permanent financing extended by any financial institution to the same borrower at a later time. 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. Sometimes the value on the Certificate of Reasonable Value is less than the purchase price. The borrower has to attend a funeral out of town C. The borrower has non-refundable tickets for a trip during the waiting period. 30) According to the TILA final rule, which of the following is considered a broker in a transaction: A. Code—The Savings Association Code of 1967 (7 P. S. §§ 6020-1—6020-254). B. Dumping old files in the trash bin behind the building . The law applies to “open end credit accounts.” These include credit cards and revolving charge accounts. – No high‑cost home loan may contain a provision which … FALSE. You typically use credit cards to make purchases. Transactions other than under an open end credit plan (a) Required disclosures by creditor. 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. Finance Charge Calculation (226.4) b. Definition is for open-end credit. No credit may be taken under the act for the payments made for such benefits. What Is the Purpose of the Fair Credit Billing Act? Equity REIT investments typically generate good dividend income, because the REIT distributes most of the net rental income to shareholders. 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. The final rule now expressly excludes loans or lines of credit to be used primarily for agricultural purposes. Lenders incorporate the expected rate of inflation when deciding how much interest to charge. Unless you pay off the debt in full each month, you will often have to pay a high-rate of interest or other kinds of finance charges for the use of credit. According to the FACT Act, which of the following acts could be considered a failure to secure private information? Debt Consolidation Loans. §§16a-1-301[17] & 16a-3-308a) In addition, any mortgage may be subject to the UCCC by contract (see Kan. Stat. 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. Does it appear the following are accurately disclosed: a. DEFINITION OF CLOSED END CREDIT DEFINITION OF FINANCE CHARGE Yes/No Comments 1. The consumer is able to make purchases on a credit card but must pay the outstanding amount when it becomes due. Ann. 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) … (e) A participation without recourse is considered to be an extension of credit by the participating bank, not by the originating bank. Which of the following actions is not allowed? open-end loan. Thus, Choice A is the best one offered. Ag exception. – A high‑cost home loan shall be subject to the following limitations: (1) No call provision. In addition, if real estate prices appreciate, there can be capital gains. questions concerning plans for children should be asked before sanctioning credit. While each situation must be separately considered on its own merits, payments made for travel, subsistence or to industry promotion funds … First, the good news. 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