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Financial Planner

Category - Professional Conduct and Regulation

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What Federal Trade Commission Statue protects individuals from lost or stolen credit card penalties?

Truth in Lending Act
Fair Credit Billing Act
Equal Credit Opportunity Act
Credit Protection Act

Explanation

Answer: B - The Fair Credit Billing Act is the Federal Trade Commission Statue that protects individuals from lost or stolen credit card penalties. This Act is an amendment to the Truth in Lending Act which protects the borrower in the event a credit card is lost or stolen to a maximum loss of $50 per card. Creditors cannot take actions that adversely affect the consumer’s credit standing until an investigation is complete.

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Financial Planner

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