Gov’t Regulations of Credit *Usury Laws-- -state laws

Slides:

Advertisements

Similar presentations

Chapter 27 Your Credit and the Law pp Learning Objectives 1.Explain 1.Explain how government protects credit rights. 2. Name 2. Name federal.

Advertisements

2 types of accounts: savings and checking Do not spend more than you have in the account (you can get overdraft protection) ALWAYS REVIEW YOUR BANK STATEMENT!

Personal Finance Credit Review JEOPARDY 100 Definitions Types of Types of Credit 4 C’s of 4 C’s of Credit Your Rights Credit Report Potpourri

Laws Protecting Debtors/Creditors and Bankruptcy Unit C Basic Business Law Objective 6.02.

Your rights Credit. Your rights Truth in Lending Act (1968) Ensures consumers are fully informed about cost and conditions of borrowing. Fair Credit Reporting.

CREDIT. ADVANTAGES OF CREDIT advantages: o Able to buy needed items now o Don’t have to carry cash o Creates a record of purchases o More convenient than.

Credit Legislation Dr. Josephine Turner, CFP IFAS, University of Florida.

CONSUMER CREDIT LEGISLATION Carl Johnson Financial Literacy Jenks High School.

Chapters 17 & 18 Credit Records and Laws & Responsibilities and Costs of Credit.

Chapter 4: Going into Debt

+ Credit in America Chapter 16 Credit Management Unit 4.

Going Into Debt $$$. Americans & Credit Credit allows people to own homes, improve their communities and purchase other items instead of waiting. Credit.

Credit. What is credit? Borrowing $ to use today, with the promise to repay in the future.

Consumer Credit Laws. Fair Credit Reporting ACT o Provides rules for accessing/correcting credit reports o Requires lenders to tell you why you were denied.

Law in American Society Ms. Gikas.  Credit: buying goods or services or borrowing money in exchange for a promise to pay in the future  Creditors: people.

Credit Law in Society Objective: To understand the use of and acquisition of credit.

Credit documents Essential Question What are the commonly used credit documents? 1.

Things you need to know.  Debt collectors Cannot call before 8 am and after 9 pm Harass or abuse you in any way Lie about or imply you have committed.

Credit Records and Laws Chapter 17. Goals for Chapter 17.1 Discuss the importance of credit records and summarize how and why records are compiled. Discuss.

Chapter 17 Two Truths and a Lie.

Chapter 10 What is Credit? The ability to Giving up.

Back to Table of Contents pp Chapter 27 Your Credit and the Law.

Objective 5.01 Understand credit management 1. Main types of credit 2.

Warm up for Please answer the following questions in the same section of your notebook as your CNN student logs please. I will check your logs.

College lesson four about credit.

Credit Problems Garnishment of wages Garnishment of wages Creditor takes all or part of paycheck to satisfy a debt Repossession Repossession Taking back.

Consumer Credit Info Ms. Mary Roberts Clarke County High School Family and Consumer Sciences Dept.

Credit and Debt. Answer the following on paper. 1. What do people use credit cards for? 2. Should high school students be given credit cards? Why or why.

Crystal Lake South High School Intro to Business Credit Review.

MAINTAINING A GOOD CREDIT RATING. CLAUSES AND CONTRACTS Contract - read what you sign Preapproved - the bank will allow you to buy the item  Only you.

Chapter 27 Your Credit and the Law pp Learning Targets 1.Explain 1.Explain how government protects credit rights. 2. Name 2. Name federal laws.

Teens Credit- Day 3 Independent Living December 2, /09.

Teens lesson seven credit presentation slides 04/09.

Credit – cost, arrangements, denial, default, collection.

Chapter © 2010 South-Western, Cengage Learning Credit Records and Laws Establishing Good Credit Evaluating Credit and Laws 17.

Americans Use Credit What Can be Learned? –h–how credit affects our lives… cc redit - ll oan = credit cost of credit –a–amount owed >>> debt = ??

Personal Finance Section Credit and Debt. Personal Finance Section Credit gives extra punch to your purchasing power; but reckless handling of credit.

Credit and Financial Services Chapter 25- Each payment method has certain pros and cons that are important to know.

Credit Test Review. What card takes money directly from your checking or savings account?  Debit Card.

Going Into Debt Chapter 4 - Economics. What is Credit? Receiving Funds to buy goods with the promise to pay funds back Allows middle class to purchase.

Chapter 9 Objectives 1.Explain how to dispute errors on billing statements 2. Explain the purposes and types of bankruptcy and list strategies for avoiding.

Using Credit Wisely Ch. 14. Understanding Costs  Before you can compute the cost of credit, you have to know four things:  The amount you are borrowing.

Unit Three—Credit Types of Credit Standard & Financial Literacy Riverton High School Mrs. Morrey.

Chapter 4 Going Into Debt. Section 1 Americans and Credit.

Credit in our Economy Chapter 32: Credit Records and Regulations.

College lesson four credit presentation slides 04/09.

Click here to advance to the next slide.

Obtaining Credit.

Teens Credit 04/09.

Unit 4 Consumer and Credit Law

5.01 Understand credit management.

Protection of credit right

Protecting Your Credit

Consumer Credit Protection Laws

Protecting Your Credit

Teens lesson seven credit presentation slides 04/09.

Teens lesson seven credit presentation slides 04/09.

Personal Finance JEOPARDY Credit Review.

5.01 Understand credit management.

Teens lesson seven credit presentation slides 04/09.

Teens lesson seven credit presentation slides 04/09.

College lesson four credit presentation slides 04/09.

Managing Your Debts By: Anna & Anna.

Teens lesson seven credit presentation slides 04/09.

College lesson four credit presentation slides 04/09.

Your Credit and the Law Chapter 27 5/24/2019.

Teens lesson seven credit presentation slides 04/09.

Teens lesson seven credit presentation slides 04/09.

Presentation transcript:

Gov’t Regulations of Credit *Usury Laws-- -state laws -limit on interest rates pro-some can’t afford high interest con-banks won’t loan if they can’t make money

**Federal Laws** 1. Truth in Lending Act -ensures consumer is fully informed of costs & conditions. -gives a cooling off period. -says consumer liable only for first $50 on stolen credit card.

2. Fair Credit Reporting -protects privacy and accuracy of credit check information. -removes outdated info -consumer can get name of credit bureau and a summary of report.

3. Equal Credit Opportunity Act -prohibits discrimination -all terms same for everyone -only questions related to ability to pay. -reasons must be given for denial

4. Fair Credit Billing Act -procedures for correcting billing mistakes. -can withold payment while bill is being checked. -must be given a statement of rights.

5. Fair Debt Collection Practices Act -prevents abuse by collection agencies -applies to those collecting for others -can only ask location -no harassment

6. Credit CARD Act (2009) -limited interest rate hikes -customer must be given 45 days notice before changes made to credit card account. -bans credit card companies from giving cards to people under 21. -bans credit card companies from campuses if giving away free items. -can opt out of changes and close account -bans retroactive fee increases

8. Title III of the Consumer Protection Act -limits the amount that can be garnished from a paycheck. -garnishment-court order in which debts are taken out of your check before you receive it. -says you cannot be fired for one garnishment. -does not apply to: Child Support Taxes

*Bankruptcy -giving most of what you own to be distributed to creditors. (Chapter 7) or -restructuring your debts so you can pay them. (Chapter 13) -can ruin your credit for 10 years -creditors don’t get their money -moral/religious issue for some.