chapter 4 section 4 n.
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Chapter 4, Section 4. Government regulation of credit. Usury law – law restricting the amount of interest that can be charged for credit. Many states have a maximum interest rate of 18% a year, or 1.5% per month. State usury law.

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Presentation Transcript
state usury law

Usury law – law restricting the amount of interest that can be charged for credit.

  • Many states have a maximum interest rate of 18% a year, or 1.5% per month.
State usury law
fair credit reporting act

1970 – Protects the privacy and accuracy of information on a credit check.

3 major credit bureaus:

1) Equifax 2) Experian 3) Trans Union

Fair credit reporting act
equal credit opportunity act

1974 – prohibits discrimination based on sex, race, religion, marital status, age, or receipt of public assistance.

Equal credit opportunity act
bankruptcy

Bankruptcy – the inability to pay debts based on the income received.

  • If you declare bankruptcy, it will remain on your credit report for 10 years.
  • This makes it very difficult to reestablish your credit rating, leaving it hard to get a loan.
Bankruptcy