100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
CFPB MCT 3 Questions &Exam (elaborations) answers 100% satisfaction guarantee $11.49   Add to cart

Exam (elaborations)

CFPB MCT 3 Questions &Exam (elaborations) answers 100% satisfaction guarantee

 6 views  0 purchase
  • Course
  • CFPB MCT 3
  • Institution
  • CFPB MCT 3

CFPB MCT 3 Questions &Exam (elaborations) answers 100% satisfaction guarantee

Preview 3 out of 19  pages

  • August 11, 2024
  • 19
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • CFPB MCT 3
  • CFPB MCT 3
avatar-seller
EXAMQA
STUVIA 2024/2025
CFPB MCT 3
A. Credit the balance to the account and refund the remaining credit balance within 7 days of
receiving a written request. - ✔✔7. Any time that a credit balance greater than $1 is created in a
consumer's account, what must a servicer do?
A. Credit the balance to the account and refund the remaining credit balance within 7 days of
receiving a written request.
B. Credit the balance to the account only, no refund is necessary.
C. Credit the balance to the account and refund the remaining credit balance within 10 days of
receiving a written request.
D. Refund the credit balance within 12 months if no written request is received.

a. True - ✔✔Credit Card
8. First Credit Card Financial charges an annual renewal fee on its credit cards. It must provide
written notice at least 30 days or one billing cycle, whichever is less, before the cycle during which the
fee is initially charged, or at the time of imposing the fee if the cardholder has 30 days to cancel with
no obligation.
a. True
b. False
%


A. A pre - approval offer touts a " 0 % APR and No Fee " but charges $ 150 processing fee if
approved - ✔✔Credit Card
6. Which of the following would be considered "deceptive" acts or practices?
A. A pre - approval offer touts a " 0 % APR and No Fee " but charges $ 150 processing fee if
approved
B. An offer that states "No Balance Transfer Fee" if balances transferred within next three months up
to a maximum of $20,000
C. W hile processing an application, providing information on optional credit protection plans and the
various benefits and costs
D. A and B

b. $50 - ✔✔Credit Card
2. Jane Smith lost her credit card and reported the loss to the card issuer two days later. with the
card. One day after the card issuer was notified a $100 purchase was made with the Between the
time the card was lost and reported, a $60 unauthorized purchase was m ade card. Jane's liability for
these unauthorized charges is:
a. $60
b. $50
c. $100
d. $O


stuvia

, STUVIA 2024/2025

d. None of the above - ✔✔Credit Card
9. Which of the following statements are correct?
a. A credit card lender may but need not provide a firm offer of credit to each consumer on the
prescreen list.
b. A credit card lender may not verify creditworthiness of the consumer upon making an offer to each
consumer on a prescreen list.
c. Prescreening is a procedures where a credit bureau pulls credit reports on specific consumers and
provides the reports to a credit card lender
d. None of the above

c. Require repayment of the account balance by amortizing the balance over a five year period -
✔✔Credit Card
7. Ms. Brady has exercised her right to reject an increase in her credit card APR. Which is her lender
allowed to do?
a. Require the balance be paid in full within 90 days.
b. Increase her APR.
c. Require repayment of the account balance by amortizing the balance over a five year period
d. Impose a fee for processing the rejection
%

d. All of the above. - ✔✔Credit Card
6. Which statement is true regarding the notice a credit card lender must provide before an
over-the-limit fee or a penalty rate can be imposed due to a consumer exceeding a newly decreased
credit limit?
a. It may be provided orally or in writing.
b. It must be provided at least 45 days before increasing the rate or charging an over-the- limit fee.
c. It must notify the consumer that the credit limit on the account has been or will be decreased
d. All of the above.

A. Unsolicited issuance of credit cards - ✔✔Credit Card
14. TILA bans:
A. Unsolicited issuance of credit cards
B. Issuance of credit cards in response to an oral or written request or application for the card
C. Issuance of credit cards as a renewal of, or substitute for a previously accepted card
D. All of the above

D. All of the above - ✔✔Credit Card
15. Under the FCRA, if credit is denied, the adverse action notice must contain the following:
A. Name, address & telephone



stuvia

, STUVIA 2024/2025
B. A statement that the credit bureau number of the credit bureau providing the credit report was not
involved with the ad verse action and will not be able to provide specific reasons for the action
C. A notice of the applicant's right to obtain a free bureau within 60 days and to dispute the accuracy
of any information in the credit copy of the credit report from the credit report
D. All of the above

A. True - ✔✔Credit Card
8. Under federal law, a federally insured credit card lender can charge any rates and terms to a
customer located in another state as permitted by the state where the lender is located.
A. True
B. False

b. False - ✔✔Credit Card
11. A credit card lender that prescreens consumer must retain for a least 25 months a record of the
criteria used to select the consumer for the offer
a. True
b. False

E. None of the above - ✔✔Credit Card
26. An ad for a credit card states: "Financial Express now offers you a MasterCard Credit Card at a
%

7.25 % annual rate with no balance transfer fee if balances are transferred within next three months.
Call now for more details and to apply!" Which of the following statements is true?
A. The ad contains when finance charge will begin to accrue triggering term
B. The ad is missing the balance transfer fee disclosure
C. The ad contains the "call now for more details" triggering term
D. There are no TILA violations
E. None of the above

e. None of the above - ✔✔Credit Card
10. Which of the following statements are correct?
a. TILA bans issuance of unsolicited credit cards to consumer but not businesses
b. TILA bans telephone solicitation of credit cards
c. The TCPA & Telemarketing Sales Rule prohibit telemarketing of credit cards
d. All of the above
e. None of the above

C. 60 - ✔✔Credit Card
13. The Fair Credit Billing Act (FCBA) permits credit cardholders to dispute suspected billing errors
What is the maximum number of days that a credit cardholder has to dispute the billing error?
A. 30


stuvia

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller EXAMQA. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $11.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

72042 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$11.49
  • (0)
  Add to cart