Question

Match each law with its correct description.

1) Truth in Lending Act - Allows consumers to exercise their rights regarding disputes and billing errors
2) Fair Credit Billing Act - Prohibits unfair and abusive credit practices and ensures the transparency of fees
3) Uniform Commercial Code - A set of laws that govern US commercial transactions
4) Credit Card Act - Requires lenders to establish standardized disclosures regarding terms and how they calculate fees

Answer 1

The Truth in Lending Act allows consumers to exercise their rights regarding billing errors, the Fair Credit Billing Act prohibits unfair credit practices, the Uniform Commercial Code governs US commercial transactions, and the Credit Card Act requires lenders to provide standardized disclosures.

Step-by-step explanation:

1) Truth in Lending Act: Allows consumers to exercise their rights regarding disputes and billing errors.

2) Fair Credit Billing Act: Prohibits unfair and abusive credit practices and ensures the transparency of fees.

3) Uniform Commercial Code: A set of laws that govern US commercial transactions.

4) Credit Card Act: Requires lenders to establish standardized disclosures regarding terms and how they calculate fees.