1. The Credit Card Fraud Act prohibits which of the following practices?
Possessing unauthorized cards.
Counterfeiting or altering credit cards.
Using accounts numbers alone.
Using cards obtained from a third party with his consent when the third party conspires to report the cards as stolen.
All of these are prohibited.
2. What remedies are available for the Federal Trade Commission?
Affirmative exemption.
Corrective advertising and multiple product orders.
Impounding inventory.
Criminal penalties.
3. The federal Truth-in-Lending law:
requires the lender to show how much profit is made on a particular sale.
regulates the maximum cost of credit.
is a uniform law, like the UCC, made available to all states.
is intended to allow comparison of various credit offers or advertisements.
4. The Fair Debt Collection Practices Act requires a debt collector to provide the consumer with a written notice. What information must be contained in this notice?
The amount of the debt, with interest and penalties clearly delineated.
The name and phone number of the current creditor and former creditor.
A statement telling the consumer that he can request verification of the alleged debt.
A copy of the original credit contract with the original creditor.