Question

The __________________, passed in 1968, requires the clear explanation of consumer credit costs and garnishment procedures (taking wages or property by legal means) and prohibits overly high-priced credit transactions.
A) Consumer Credit Expansion Act
B) Credit Growth Act
C) Consumer Credit Protection Act
D) Consumer Safety Act

Answer 1

Answer:

The correct answer is letter "C": Consumer Credit Protection Act.

Explanation:

Consumer Credit Protection Act of 1968 is federal legislation that covers consumers from credit agreements from banks or financial institutions in the form of loans, overdrafts or cards. The Act determines how the credit should be marketed protecting consumers' overpriced purchases.