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Financial Planner

Category - Professional Conduct and Regulation

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What does the Truth in Lending regulation do?

Ensure that financial institutions disclose certain information to potential borrowers
Ensure that potential borrowers are required to disclose certain information to financial institutions
Require that financial institutions supply denied borrowers with specific information as to why the application was denied
Ensure that borrowers can cancel any loan within 10 days of the loan

Explanation

Answer: A - The Truth in Lending regulation requires that financial institutions give potential borrowers an informed credit experience. Financial institutions are required to disclose information concerning the loan’s terms and cost before the loan is given.

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Financial Planner

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Financial Planner

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