NCCO Exam 3 EXAM ELABORATIONS
QUESTIONS AND VERIFIED ANSWERS 2025
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Terms in this set (247)
-offered or extended to consumers
-offering or extension of cresit is done regularly
Four conditions of reg z -subject to a finance charge or is payable by a written
agreement in more than four installments
-primarily for personal, family, or household purposes
-business/ commercial loans
Exempted reg z
- loans for non natural persons (organizations)
transactions 3
-credit over $66,400 (adjusted annually)
-repeated transaction
What is open end credit?
-finance charge on outstanding, unpaid balances
3
-credit is replenished as balance is repaid
What is a dwelling? Residential structure containing 1-4units
What open end credit -credit cards
products are regulated by -personal lines of credit
reg z? -overdraft lines of credit
-application
-account opening prior to initial transaction
Reg z disclosure
-ongoing throughout account relationship
requirements 3
-periodic statements
-change in terms notice
, -APR
What elements must an
-Fees
application disclosure
-Grave period
include under reg z? 3
Also given during applications and solicitations
-APR feed
What must be in an
-Fixed finance and minimum interest charges
account opening
-transaction charges
disclosure? 4
-grace periods
When must periodic 14days prior to due date
statement's be sent for
non-credit card with no
grace period?
When must periodic 21days prior to end of period
statement's be sent for
non credit card with grace
period
When must periodic 21days prior to due date
statement's be sent for
credit card
Must interest and feed be Yes
grouped separately from
other transactions?
Must feed and interest be Yes
totaled for the period year
to date in a tabular
format?
What are credit card -late payment warning
statements additional -minimum payment warning
requirements? 3 -repayment disclosure examples
What change in terms -45 notice of change in terms for required element
notice is required for non -the notice may be in statement or separate mailing
helocs -format in change of terms is usually tabular
QUESTIONS AND VERIFIED ANSWERS 2025
UPDATE | 100% SOLVED!!
Save
Terms in this set (247)
-offered or extended to consumers
-offering or extension of cresit is done regularly
Four conditions of reg z -subject to a finance charge or is payable by a written
agreement in more than four installments
-primarily for personal, family, or household purposes
-business/ commercial loans
Exempted reg z
- loans for non natural persons (organizations)
transactions 3
-credit over $66,400 (adjusted annually)
-repeated transaction
What is open end credit?
-finance charge on outstanding, unpaid balances
3
-credit is replenished as balance is repaid
What is a dwelling? Residential structure containing 1-4units
What open end credit -credit cards
products are regulated by -personal lines of credit
reg z? -overdraft lines of credit
-application
-account opening prior to initial transaction
Reg z disclosure
-ongoing throughout account relationship
requirements 3
-periodic statements
-change in terms notice
, -APR
What elements must an
-Fees
application disclosure
-Grave period
include under reg z? 3
Also given during applications and solicitations
-APR feed
What must be in an
-Fixed finance and minimum interest charges
account opening
-transaction charges
disclosure? 4
-grace periods
When must periodic 14days prior to due date
statement's be sent for
non-credit card with no
grace period?
When must periodic 21days prior to end of period
statement's be sent for
non credit card with grace
period
When must periodic 21days prior to due date
statement's be sent for
credit card
Must interest and feed be Yes
grouped separately from
other transactions?
Must feed and interest be Yes
totaled for the period year
to date in a tabular
format?
What are credit card -late payment warning
statements additional -minimum payment warning
requirements? 3 -repayment disclosure examples
What change in terms -45 notice of change in terms for required element
notice is required for non -the notice may be in statement or separate mailing
helocs -format in change of terms is usually tabular
