Consumer Law Flashcards
1
Q
FTC Act
A
Prohibits unfair and deceptive acts and practices
2
Q
Truth in lending act
A
Loan rate must be presented in truthful and understandable terms
3
Q
Truth in lending only makes you responsible for the first….
A
$50 spent on your stolen debit card and not responsible at all on stolen credit card purchases
4
Q
Magnusson-Moss warranty act
A
Requires disclosure of warranty in simple terms but doesn’t mandate warranties
5
Q
Mortgages can be rescinded…
A
Three days after signing
6
Q
Consumer leasing act requires….
A
Consumers be able to terminate contracts
