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What are the lending obligations under NCCP?

a) Full disclosure, responsible lending
b) High-interest rates, quick approval
c) Limited disclosure, aggressive marketing
d) None of the above

User Umberto
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1 Answer

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Final answer:

The lending obligations under NCCP are centered on full disclosure and responsible lending, with a focus on protecting consumers from unsuitable credit contracts.

Step-by-step explanation:

The lending obligations under the National Consumer Credit Protection Act (NCCP) require lenders to adhere to responsible lending practices. This includes ensuring full disclosure of all pertinent information regarding the loan and that the lender engages in responsible lending. These obligations are designed to protect the consumer by ensuring that credit providers do not enter into a credit contract with the consumer if the contract is unsuitable for their needs and financial circumstances.

User Mike Stockdale
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