Directions:
Copy and paste these notes to a word document and complete them
- You will be expected to be ready for these two quizzes on Thursday
- There will also be a student news quiz on Thursday
- Also, complete Section 3 questions 1, 2
- Section 4 Questions 1,2,3
Section 3 Guided notes 4/20/11
- When you apply for credit – explain the process you go through
o Credit Bureau
- Credit rating:
- Three Credit Check Factors: Name and describe
o
o
o
- Secured loans:
o Collateral –
- Unsecured loan:
- Cosigning a loan:
- Responsibilities as a borrower:
- Paying on time:
- Keeping Records:
Section 4: Government Regulation of Credit
- Who regulated the credit industry? How?
- Equal Credit Opportunity Act:
o What is it?
o Who is it for?
- State Usury laws:
o Usury Law:
- Interest Ceilings:
- Bankruptcy
Major Federal Laws Regulating Consumer Credit
Fill out:
Name of law, Main Purpose, Major provisions for each
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