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WorksheetsWhat's the Alternative? Quiz
Total questions: 25
Worksheet time: 8mins
What was the original name of the Department of Financial Institutions?
The Department of Finance
The Department of Banking
The Department of Institutions
The Department of Financial Institutions
When was the Department of Financial Institutions created?
1914
1983
1913
1925
What alternative lending product uses a car title as collateral?
Payday-Deferred Presentment
Title Pledge
Flexible Credit
Industrial Loan and Thrift
What alternative lending product has an interest rate of two percent (2%)?
Industrial Loan and Thrift
Payday-Deferred Presentment
Flexible Credit
Title Pledge
Which alternative lending product has a maximum allowable loan limit of $500?
Flexible Credit
Industrial Loan and Thrift
Payday-Deferred Presentment
Title Pledge
How many regulatory divisions does the Department of Financial Institutions have?
What is the maximum allowable loan limit on a title pledge transaction?
Which alternative lending product has a maximum allowable customary fee of seven tenths (7/10) of one percent?
Flexible Credit
Payday-Deferred Presentment
Title Pledge
Check Cashing
What is the maximum fee of the face value of the check on a Payday-Deferred Presentment loan?
What is the maximum length of a Title Pledge Agreement?
Six (6) months
Two (2) weeks
30 days
One (1) year
In what year was the National Bank Act passed into law?
1861
1862
1863
1864
Upon the the third renewal of a title pledge agreement, how much must the borrower start paying towards principal reduction of the debt?
At the statutory maximum for a title pledge agreement, what is the combined interest rate and customary fee on a $2500 loan?
$550.00
$450.00
$500.00
$50.00
What is the statutory minimum a borrower must pay towards principal reduction of a flexible credit loan within a calendar month?
How many outstanding checks, or deferred presentment/payday loans can a borrower have, as long as the aggregate face value of the checks does not exceed $500?
What is the maximum principal loan amount on a flexible credit account?
What is the statutory maximum loan amount for an Industrial Loan and Thrift "B" loan?
What is the statutory maximum acquisition charge that can be assessed to a "B" loan Industrial Loan and Thrift Transaction?
Most alternative lending products do not do which of the following?
Credit report review
Loan underwriting review
Debt-to-income ratio analysis
Employment verification
What credit card brought about the more wide-spread use of credit cards?
What is the four-letter acronym for the credit scoring system that is used in determining loan eligibility?
FIDO
FICO
LOAN
BANK
What legislation set guidelines for companies providing credit information on their borrowers/customers?
Fair Credit Billing Act of 1974
Equal Credit Opportunity Act of 1974
Fair Credit Reporting Act of 1970
Fair Debt Collection Practices Act of 1977
If a credit applicant is considered an exceptional, or low risk borrower, what range is their FICO score?
740-799
800-850
670-739
300-579
In what year was the current Department of Financial Institutions Commissioner, Greg Gonzales, appointed to his role?
1913
1983
2004
2005
True or False? The lower your FICO credit score, the lower the loan interest rate.
