The Equal Credit Opportunity Act would not prohibit which of the following? Firs

Question

The Equal Credit Opportunity Act would not prohibit which of the following? First Bank refuses to extend credit to:

If a debtor defaults on a credit contract, the creditor may:

When the creditor has been notified that a credit card was lost, the liability of the credit card holder is limited to:

Northstar Sporting Goods sells consumer goods to Lena for $85 and provides a written warranty regarding the quality of the goods. Northstar:

The Fair Debt Collection Practices Act requires a debt collector to provide the consumer with a written notice. What information must be contained in this notice?

Explanation / Answer

The Equal Credit Opportunity Act would not prohibit which of the following? First Bank refuses to extend credit to: Ans Comments females. Not correct men over 70 years of age. Not correct people with incomes below $10,000. Correct As not credit worthy people from Italy. Not correct If a debtor defaults on a credit contract, the creditor may: impose a late charge. TRUE garnish wages if there has been a court proceeding to enforce collection of a judgment. TRUE declare the entire balance of the debt immediately due and may sue on the debt. TRUE All of these. Correct TRUE Both impose a late charge and declare the entire balance of the debt immediately due and sue on the debt. TRUE When the creditor has been notified that a credit card was lost, the liability of the credit card holder is limited to: $100. $75. $50. Correct After informing its unlimited, before is $50 None of these; liability is unlimited. Northstar Sporting Goods sells consumer goods to Lena for $85 and provides a written warranty regarding the quality of the goods. Northstar: must designate the warranty as full or limited. TRUE may disclaim any and all implied warranties as long as the disclaimer is conspicuous. TRUE may modify the implied warranties. TRUE All of these are correct. Correct TRUE The Fair Debt Collection Practices Act requires a debt collector to provide the consumer with a written notice. What information must be contained in this notice? The amount of the debt, with interest and penalties clearly delineated. Correct TRUE The name and phone number of the current creditor and former creditor. Not required A statement telling the consumer that he can request verification of the alleged debt. Not required A copy of the original credit contract with the original creditor. Not required

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