Definition: material disclosures from 15 USC § 1602(v) | LII (2024)

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Definition: material disclosures from 15 USC § 1602(v) | LII? ›

The term “material disclosures” means the disclosure, as required by this subchapter, of the annual percentage rate, the method of determining the finance charge and the balance upon which a finance charge will be imposed, the amount of the finance charge, the amount to be financed, the total of payments, the number ...

Material disclosures are defined as the annual percentage rate, the finance charge, the amount financed, the total of payments, and the paymentschedule.

(k) Credit card means any card, plate, coupon book, or other single credit device that may be used from time to time to obtain money, property, or services on credit.

§1662.

(2) that a specified downpayment is required in connection with any extension of consumer credit, unless the creditor usually and customarily arranges downpayments in that amount.

(p) The term “unauthorized use,” as used in section 1643 of this title , means a use of a credit card by a person other than the cardholder who does not have actual, implied, or apparent authority for such use and from which the cardholder receives no benefit.

Material Fact: Any fact that could affect a reasonable person's decision to buy, sell, or lease is considered a material fact and must be disclosed by a broker to the parties in the transaction and any interested third parties regardless of the broker's agency role within the transaction. N.C.G.S.

(l) The term “credit card” means any card, plate, coupon book or other credit device existing for the purpose of obtaining money, property, labor, or services on credit.

The most common debt by total amount of debt in the U.S. is mortgage debt. 2 Other types of common debt include credit card debt, auto loans, and student loans.

“No advertisem*nt to aid, promote, or assist directly or indirectly any extension of consumer credit may state (1) that a specific periodic consumer credit amount or installment amount can be arranged, unless the creditor usually and customarily arranges credit payments or installments for that period and in that ...

What is 15 usc 1662 b in layman's terms? ›

In this way, USC 15 Section 1662(b) protects consumers from predatory lenders who use advertising to get people in debt. If you see an advertisem*nt that promises credit in exchange for a down payment or that guarantees a certain amount of money after the application, it may run afoul of the Truth in Lending Act.

(1) The banking system is dependent upon fair and accurate credit reporting. Inaccurate credit reports directly impair the efficiency of the banking system, and unfair credit reporting methods undermine the public confidence which is essential to the continued functioning of the banking system.

In any action by a card issuer to enforce liability for the use of a credit card, the burden of proof is upon the card issuer to show that the use was authorized or, if the use was unauthorized, then the burden of proof is upon the card issuer to show that the conditions of liability for the unauthorized use of a ...

"Unauthorized use" is when someone other than the cardholder or a person that has the actual, implied or apparent authority uses a credit card and the cardholder receives no benefit from the use.

Unauthorized Use means use by a person other than you who does not have actual, implied or apparent authority for such use and from which you do not receive any benefit.

TILA disclosures include the number of payments, the monthly payment, late fees, whether a borrower can prepay the loan without penalty and other important terms. TILA disclosures is often provided as part of the loan contract, so the borrower may be given the entire contract for review when the TILA is requested.

Materiality is a GAAP principle that determines whether discrepancies in financial reporting, such as an omission or misstatement, would impact a reasonable user's decision-making. Quantitative and qualitative characteristics can determine whether information is material.

Material Information Disclosure: Requires reporting of all information that could influence users' decisions of financial statements. Financial Statements Detail: Includes balance sheets, income statements, cash flow statements, and equity changes.