Lender beware - federal regulation of consumer credit
Article Abstract:
Consumer creditors should be aware of four major credit laws to protect against liabilities. The first is the Equal Credit Opportunity Act which prohibits sex, marital status and age discrimination in consumer credit transactions. The second is the Truth-in-Lending Act which requires fulldisclosure on all terms and conditions of credit transactions at the time credit is granted. The third is the Fair Credit Billing Act (FCBA) which institutes the processes required for correcting alleged billing errors in open-end loans and credit card accounts. The fourth is the Fair Credit Reporting Act which requires credit reporting agencies to use reasonable procedures to guarantee that accurate and significant information is provided to creditors, and to protect the interests of the consumer through fair credit reporting.
Publication Name: Credit World
Subject: Banking, finance and accounting industries
ISSN: 0011-1074
Year: 1993
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No cure-all for debtor abuses: Bankruptcy Amendments Act of 1984
Article Abstract:
Debtors who are capable of repaying debts out of future earnings are able to escape such indebtedness through the use of bankruptcy, despite the Bankruptcy Amendments Act of 1984, which was heavily lobbied for by the consumer credit industries. An analysis of this law discusses the omission from the act of any future earnings test prior to filing bankruptcy, and the interpretation of the law's 'substantial abuse' clause. Legal aspects of bankruptcy filings under chapters 7, 11 and 13 of the U.S. bankruptcy laws are also discussed.
Publication Name: Credit World
Subject: Banking, finance and accounting industries
ISSN: 0011-1074
Year: 1985
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Claridge casino
Article Abstract:
The eleven Atlantic City casinos had gross gaming revenues of $2.138 million in 1985, up only 2.9 percent from 1984. Some attribute this small growth to the high costs of conducting business in New Jersey. The tight regulation by the Casino Control Commission is criticized, especially the detailed regulations on the granting of credit. The regulations require lengthy credit applications, detailed casino records, and comprehensive investigative procedures.
Publication Name: Credit World
Subject: Banking, finance and accounting industries
ISSN: 0011-1074
Year: 1986
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