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| Basic Finance |
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Knowing Your Rights — Consumer Protection Laws
Laws That Protect You When you use the accounts and services provided by financial institutions, there are a variety of laws in place to protect you. It’s important to be aware of them and to understand what they cover. Below are a few important ones to be familiar with:- Bank-Related Laws
- Electronic Funds Transfer Act (EFTA) — designed to protect you when using ATM, debit card, telephone, and computer transactions. This law requires financial institutions to limit your liability if your ATM card is stolen or lost.
- Truth in Savings Act (TISA) — specifies that a financial institution must disclose the terms of consumer bank accounts, including the annual percentage yield.
- Credit-Related Laws
- Equal Credit Opportunity Act (ECOA) — prohibits discrimination in any aspect of a credit transaction based on sex, race, color, religion, national origin, martial status, age, or receipt of public assistance.
- Fair Credit Reporting Act (FCRA) — protects the privacy and accuracy of information in your credit report.
- Fair Credit Billing Act — sets up a procedure for correcting mistakes on your credit account.
- Fair Debt Collection Practices Act (FDCPA) — prohibits unfair, deceptive or abusive debt collection practices.
- Truth in Lending Act (TILA) — informs you about the costs and conditions of borrowing money.
- Housing-Related Laws
- Fair Housing Act — prohibits discrimination based on race, color, religion, sex, national origin, familial status or handicap, in housing-related transactions.
- Real Estate Settlement Procedures Act (RESPA) — provides you with accurate and timely disclosures of the costs of settlement and prevents abusive lending practices.
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