Asked by
Alyssa Wuang
on Dec 01, 2024
Verified
Nathan borrows $1,250 to pay his son's medical bills. This is not a consumer credit transaction subject to the FCCPA since the loan is for a family member's services rather than for Nathan's personal purchase of goods.
FCCPA
Fair Credit Collection Practices Act, U.S. federal law designed to protect consumers from abusive, deceptive, and unfair debt collection practices.
Consumer Credit Transaction
A transaction between a seller/creditor and a consumer where credit is offered or extended to the consumer for the purchase of goods, services, property, or money.
- Understand the privileges and responsibilities associated with individuals in consumer contracts and credit agreements.
Verified Answer
AC
Learning Objectives
- Understand the privileges and responsibilities associated with individuals in consumer contracts and credit agreements.
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