Đạo đứcCâu 303 / 400
Under the prohibition on unfair, deceptive, or abusive acts or practices (UDAAP), a practice is 'deceptive' when it:
a.Merely charges a high but disclosed interest rate
b.Misleads or is likely to mislead a reasonable consumer to their detriment
c.Is legal in at least one other state
d.Is disclosed in fine print somewhere in the file
Giải thích
A 'deceptive' act involves a material representation or omission likely to mislead a reasonable consumer acting reasonably. A lawful high disclosed rate is not by itself deceptive, legality elsewhere is irrelevant, and burying a fact in fine print can itself contribute to deception rather than cure it.
Trích dẫn luật: UDAAP (Dodd-Frank)Luyện miễn phí toàn bộ 400 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- The practice of denying or restricting mortgage credit to entire neighborhoods based on their racial or ethnic composition, regardless of individual applicants' qualifications, is called:
- A loan officer only shows loan programs in predominantly minority neighborhoods to minority applicants and never mentions those areas to white applicants. This is an example of:
- A neutral-looking lending policy that unintentionally causes a significantly worse outcome for a protected class, without business justification, may still be illegal under the theory of:
- Which agency has primary federal authority to enforce the prohibition on unfair, deceptive, or abusive acts or practices in consumer mortgage lending?
- A lender structures a product so consumers cannot reasonably protect their own interests and takes unreasonable advantage of their lack of understanding. This best fits which UDAAP category?
- Under the Loan Originator Compensation Rule, a loan originator's compensation on a closed-end mortgage may NOT be based on:
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