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An advertisement states 'Fixed 3.5% payment for life!' when in fact only the minimum payment is fixed and the interest rate adjusts, causing the balance to grow. Under Regulation N this ad is:
a.Compliant because a number is disclosed
b.Compliant because payments are technically fixed
c.A prohibited misrepresentation about the existence or amount of payments
d.Exempt because it is a teaser rate
Giải thích
Regulation N specifically bars misrepresentations about the terms, amounts, payments, or existence of fees, including implying a fixed payment or rate that is not truly fixed. Advertising a 'payment for life' that hides negative amortization deceives consumers about the true cost. The presence of a number does not cure a misleading impression.
Trích dẫn luật: Mortgage Acts and Practices Advertising Rule (Reg N, 12 CFR 1014)Luyện miễn phí toàn bộ 400 câu hỏi — không cần đăng ký.
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