Policies and Laws |
| |
FEDERAL DISCLOSURE REQUIREMENTS
|
Regulation Z: Federal Law requires the full disclosure of all costs and terms associated with any credit purchases or transactions and further requires that the costs associated with the transaction be expressed as an annual percentage rate of interest or A.P.R.
The finance charge, using that term, and a brief description such as “the dollar amount the credit will cost you.”
Annual percentage rate. The annual percentage rate, using that term, and a brief description such as “the cost of your credit as a yearly rate
Payment schedule. The number, amounts, and timing of payments scheduled to repay the obligation.
Total of payments. The total of payments, using that term, and a descriptive explanation such as “the amount you will have paid when you have made all scheduled payments.”
Prepayment. (1) When an obligation includes a finance charge computed from time to time by application of a rate to the unpaid principal balance, a statement indicating whether or not a penalty may be imposed if the obligation is prepaid in full.
Regulation B: The federal Equal Credit Opportunity Act (ECOA) prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, martial status, age (provided the applicant has the capacity to enter into a binding contract); because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that administers compliance with this law concerning this creditor is the Federal Trade Commission, Equal Credit Opportunity Division, Washington, DC 20580 (Reg. B 202.9(b)). Hot Payday, will not discriminate anyone based upon any of the above factors. In addition, Hot Payday will not enter into or maintain vendor/reciprocal information service type relationships with anyone who does not conform to these anti-discriminatory practices. |
| |
|
| |
|
|
