Consumer Lending

Question 1

What is a commercial loan?

Answer 1

A loan for a non-consumer purpose that is 50k or more

Question 2

Finance Charge

Answer 2

A measure of the cost of consumer credit as a dollar amount

Question 3

What does a Finance Charge exclude?

Answer 3

App fees
Late payment fees
Over the limit fees
Participation fees

Question 4

What does a Finance Charge exclude?

Answer 4

App fees
Late payment fees
Over the limit fees
Participation fees

Question 5

Annual Percentage Rate

Answer 5

The measure of the cost of credit expressed as a yearly rate

Question 6

Reg Z record retention

Answer 6

2 years after the date disclosures are required to be made

Question 7

Reg B record retention

Answer 7

25 months

Question 8

Adverse Action notice must include what 5 things?

Answer 8

1. Credit Score
2. Range of possible scores
3. Key Factors
4. Date created
5. Entity that provided the score

Question 9

Application

Answer 9

An oral or written request for an extension of credit

Question 10

Max interest rate for Payday alternative loans?

Answer 10

28%

Question 11

True or False? Credit over $69,500 that is not secured by real property or a dwelling is exempt from Reg Z.

Answer 11

True

Question 12

How soon must an adverse Action notice be sent?

Answer 12

Within 30 days of receiving the completed application

Question 13

APR in advertising is a trigger term for what kind of credit?

Answer 13

Open-end credit