Understand Federal legislation.

Match the terms to their definition.

Terms are:

*Fair Credit Billing Act

*Truth Lending Act

*Credit Card Act

*Closed-end Credit Operations and Procedures.

The definitions are:

1) Requires standardized disclosures regarding terms and how fees are calculated.

2) Prohibits unfair mortgage lending practices.

3) Allows consumers to exercise their rights regarding disputes and billing errors.

4) Prohibits unfair and abusive credit practices and ensures fees are transparent.

according to federal regulation, the following sentences describe the act or regulation:

Explanation:

1) Requires standardized disclosures regarding terms and how fees are calculated.

Truth Lending Act

2) Prohibits unfair mortgage lending practices.

Closed-end Credit Operations and Procedures.

3) Allows consumers to exercise their rights regarding disputes and billing errors.

Fair Credit Billing Act

4) Prohibits unfair and abusive credit practices and ensures fees are transparent.

Credit Card Act

1 - Thruth Lending Act - - - Requires standardized disclosures regarding terms and how fees are calculated.

2 - Closed-end Credit Operations and Procedures - - - Prohibits unfair mortgage lending practices.

3 - Fair Credit Billing Act - - - Allows consumers to exercise their rights regarding disputes and billing errors.

4 - Credit Card Act - - - Prohibits unfair and abusive credit practices and ensures fees are transparent.

Explanation:

1 - The Truth Lending Act, enacted in 1968, is a federal law that seeks to standardize the information given to consumers in credit contracts.

2 - Closed credit is that credit that must be paid in full on a previously stipulated date, including within this payment all interest generated, calculated in advance at the signing of the contract. This type of credit protects the policyholder from excessive billing by the lender.

3 - The Fair Credit Billing Act is an amendment to the Truth Lending Act, enacted as a federal law in 1974. It provides an effective mechanism for claiming billing errors in credit contracts, a question that the Truth Lending Act did not address.

4 - The Credit Card Act is a federal law whose purpose is to promote transparency in credit card contracts and their billing, thus prohibiting the abusive practices of credit givers.