Intro to Business Chapter 27

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Intro to business

Usury Law

A law that restricts the amount of interest that can be charged for credit.

Consumer Credit Protection Act, a.k.a (Truth in Lending Law)

A federal law that requires creditors to inform consumers of the cost and terms of credit and protects consumers from lost or stolen cards.

Truth-in-lending disclosure

A statement creditors must give to consumers informing them of the costs and terms of credit.

Credit counselor

A person who helps consumers with their credit problems.

collection agent

A person or business that collects overdue bills.

consolidation loan

A loan that combines several debts into one loan with lower payments.

Equal Credit Opportunity Act

A federal law against denying credit on the basis of gender, age, ethnicity, or other difference.

Fair Credit Reporting Act

A federal law giving people the right to now what is in their credit files at the credit bureaus.

bankruptcy

A legal process in which a person is relieved of debts but creditors can take some or al of the person's assets.

Fair Debt Collection Practices Act (FDCPA)

A federal law that protects debtors from unfair methods and practices by collection agents.

Fair Credit Billing Act

A federal law requiring creditors to correct billing mistakes brought to their attention

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