BMF II Unit 16 PF - Credit and Personal Risk Management

Creditors to disclose the conditions, rates, and terms of home equity loan plans

• Bank Fraud

• Electronic Fund Transfer Act

• Federal Deposit Insurance Act

• Home Equity Loan Consumer Protection Act

• Home Equity

Summary of consumer’s financial history including number of credit cards, payments to credit cards, and number of late payments

• Rights to Financial Privacy Act

• Thrift and Bank Fraud Act

• Credit Card Act of 2009

• Credit Report

• Credit:

Person or business providing credit

• Creditor

• Debtor

• Equal Credit Opportunity Act

• Fair Credit Billing Act

• Fair Credit Reporting Act

Person or business that receives the credit (must pay back the loan)

• Creditor

• Debtor

• Equal Credit Opportunity Act

• Fair Credit Billing Act

• Fair Credit Reporting Act

Law that states that a consumer’s credit application can only be judged on the basis on financial responsibility not the applicant’s gender, race, marital status, age, national origin, or receipt of public assistance

• Creditor

• Debtor

• Equal Credit Opportunity Act

• Fair Credit Billing Act

• Fair Credit Reporting Act

Provides consumers with a means to dispute a billing error on open-ended credit accounts (credit and charge cards)

• Creditor

• Debtor

• Equal Credit Opportunity Act

• Fair Credit Billing Act

• Fair Credit Reporting Act

the right to know who requests to view their credit report over the past year

• Creditor

• Debtor

• Equal Credit Opportunity Act

• Fair Credit Billing Act

• Fair Credit Reporting Act

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

• Truth-in-Lending Act

• Usury Law

• Chapter 7

• Chapter 11

• Chapter 12

Requires the debtor (person that owes money) to liquidate (sale) nonexempt property to repay creditors

• Truth-in-Lending Act

• Usury Law

• Chapter 7

• Chapter 11

• Chapter 12

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

• Truth-in-Lending Act

• Usury Law

• Chapter 7

• Chapter 11

• Chapter 12