Lending - Consumer and Other

What is the annual limit on a "No Balance During a Billing Cycle" participation fee?

$100

Customers must be notified when their information may be shared with affiliates, and given the opportunity to opt out for a period of _______ years.

five

If a consumer provides proof of identity and requests that the ________ digits of his or her SSN not be included in a consumer report, the CRA must truncate the number in any report it provides

First 5

If a reseller receives a dispute from a consumer concerning the completeness or accuracy of information, it must determine within ________ business days and at no cost to the consumer, whether is is at all responsible for the discrepancy.

Five

Under the FACT Act, if a consumer "opts out" of having his or her information shared with your financial institution affiliates, that decision is effective for ________ years.

Five

In disclosing a credit score, how many factors that adversely affect a credit score (not including the number of inquiries made) must a consumer reporting agency include?

Four

Does the MLA apply to installment loans expressly intended to finance the purchase of a vehicle or personal property when the credit is secured by the vehicle or personal property being purchased?

No

What would be the earliest date that a bank could foreclose on a servicemember whose mortgage loan is delinquent and whose active duty ends May 31, 2016

May 31, 2017

If a lender chooses to issue a standardized, one time notice to all of its customers before reporting negative information, the lender may not include this notice on:

the initial TIL open-end credit disclosure statement

Who is a "dependent" to a covered member? (MLA)

-Spouse -Children under age 21 -Children under age 23 enrolled full-time in school and relies on a covered member for over one-half of their support -Children of any age incapable of self-support due to mental or physical incapability that occurred while a dependent of the covered member under the preceding two points and relies on member for over one-half of their support

What charges must be included in the MAPR for both closed-end and open-end credit?

-credit insurance premium, charge for single premium credit insurance, fee for debt cancelation contract, fee for debt suspension agreement -Fee for credit related ancillary product sold in connection with the credit -Finance charges, application fees (excluding short term, small amount loans), and any fee imposed for participation in any plan or arrangement for consumer credit

Mandatory loan disclosures for consumer credit extended to covered borrowers: (MLA)

-statement of the MAPR applicable -Disclosures required by Reg Z -Clear description of the payment obligation of the covered borrower

How long is an active duty alert in the consumer's file?

12 months remove from lists used for prescreening offers of credit or insurance for two years

How long does the servicemember have to return a vehicle after written notice of termination of lease?

15 days

How long do servicemembers have to seek reduced rate?

180 days after the military service

A consumer must be notified in writing prior to or not later than ______ days after the institution provides negative information to a consumer reporting agency

30

The Military Lending Act imposes a cap on the military annual percentage rate (MAPR) of covered loans. What is the cap?

36%

If a consumer submits new information during the course of a dispute investigation, how many days does the institution have to investigate?

45 days

How long may an initial alert of identity theft remain in a consumer's file?

90 days

What are the civil penalties for negligent non-compliance with FCRA?

Actual damages sustained by the consumer and court costs and attorney's fees

In a credit card account under an open-end (not home-secured) consumer credit plan during a giving billing cycle, Creditor B imposes on a covered borrower a fee for a debt cancelation product, a finance charge, and a reasonable bona fide foreign transaction fee, and a bona fide, but unreasonable cash advance fee. What must be included when calculating the MAPR?

All of the fees - including the foreign transaction fee that otherwise would qualify for the exclusions a bona fide fee - and the finance charge must be included

True or False: Feels and late charges can be assessed over and above the 6% mandated maximum rate? (SCRA)

False

True or False: The MLA applies to loans originated before a servicemember's period of active duty.

False The MLA applies to loans originated during active duty

An ____________ is triggered by a request from a consumer who asserts a "good faith" suspicion that he or she has been or is abut to become the victim of identity theft.

Initial alert

Does the MLA apply to residential mortgages?

No. The MLA does not extend to residential mortgages, including purchase or initial construction of a dwelling, any refinance transaction, a home equity loan or line of credit, or a reverse mortgage.

An extended fraud alert may remain in the consumer's file for:

Seven years remove from lists used for prescreening offers of credit or insurance for five years

What is the effective date of interest rate reduction (SCRA)?

The date they enter service/begin active duty

The FACT Act provides a model summary of rights of consumers that includes:

The right to dispute info in their files and the right to obtain a credit score

Five years ago, Elizabeth was convicted of larceny. Yesterday, she applied for a home construction loan with Canyon Bank. Would the conviction information be available to Canyon Bank on Elizabeth's consumer report?

Yes

Person A is attempting to act on behalf of Person B under Power of Attorney that is invoked based on a medical event. Is bank allowed to obtain and use medical information to verify that Person B has experienced a medical condition or event such that Person A is allowed to act und the Power of Attorney?

Yes

Do the protections afforded by the SCRA extend to attachments, garnishments, and judgements against an eligible servicemember?

Yes. A court may stay such actions against an eligible individual during the period of eligible service or active duty and for three months (90 days) following the end of such service or active duty

An institution's policies require that a credit bureau report be obtained on all consumer lines of credit that are more than 60 days past due. Is this permitted under FCRA?

Yes. The ACT permits access to a credit bureau report in connection with an existing line of credit, including those that are past due.

In order for the servicemember to be subject to the interest rate limitation, the servicemember must provide the creditor with:

a written notice and a copy of military orders calling the servicemember to service within 180 days after service

Equipment that prints receipts may show no more than the _________ digits of a credit or debit card number on a receipt.

last five

Are late fees included in the MAPR?

no

How long must an "active duty alert" remain in an active duty military consumer's file at the credit bureau?

no less than 12 months

In a credit card account under an open-end (not home-secured) consumer credit plan during a giving billing cycle, Creditor A imposes on a covered borrower a fee for a debt cancelation product, a finance charge, and a bona fide foreign transaction fee. What must be included when calculating the MAPR?

only the fee for the debt cancelation product and the finance charge