Question

Which of the following is NOT something that was added to the The Truth in Lending Act through an amendment?

a. Prohibitions on the use of mandatory arbitration
b. A requirement that consumers be notified if their mortgage loan is sold or transferred to another entity Incorrect
c. A requirement that lenders provide borrowers with an annual escrow statement
d. A prohibition on unsolicited credit cards

Answer 1

The correct answer is d. A prohibition on unsolicited credit cards.

Step-by-step explanation:

The Truth in Lending Act (TILA) is a federal law designed to protect consumers in credit transactions by requiring lenders to provide clear information about the terms and costs of borrowing. Through amendments, several provisions have been added to enhance consumer protections. However, one of the options listed is NOT something that was added through an amendment to TILA. The correct answer is d. A prohibition on unsolicited credit cards. The other options - a, b, and c - are all provisions that were added to TILA through amendments.