AFSB 151 6: Credit Investigations Exam Questions and Answers 2024

AFSB 151 6: Credit Investigations Exam Questions and Answers 2024 credit risk - ANS ️️ the chance that a party will be unable to make required payments on an obligation as they become due most significant federal credit law - ANS ️️ Consumer Credit Protection Act Title 1 - ANS ️️ Truth in Lending Act- ensures meaningful disclosure of credit terms so that the consumer can compare the various borrowing terms available and have better information about using credit how might title 1 affect surety - ANS ️️ if the surety charges interest on the loan and to the extent that the surety anticipates interest charges Title II - ANS ️️ prevents organized crime relating to credit extension, making it a federal crime to make, finance or collect extensions of credit wrongfully. government contracting officers closely examine sureties fees title III - ANS ️️ Restricts creditors rights to garnish (withhold) debtors wages. Sureties that have paid losses may seek salvage from indemnitors and principals Title IV - ANS ️️ established a bipartisan National Commission on Consumer Finance whose purpose was to study and appraise the consumer finance industry and credit transactions and to recommend additional legislation. After conducting its study and releasing its findings, the commission disbanded