Identify basic provisions of credit and loan laws.
DefinitionIdentification should include a description of the basic laws to protect consumers from unfair credit practices and the standards that specify how consumers are to be treated (e.g., Consumer Credit Protection Act, Fair Credit Reporting Act, Fair Credit Billing Act, Equal Credit Opportunity Act, Fair Debt Collection Practices Act, and any recent legislation).
Other Related Standards
Economics and Personal Finance Standards of Learning
The student will demonstrate knowledge of the role of government in a market economy by
- identifying goods and services provided by government to benefit society;
- identifying the role the government plays in providing a legal structure to protect property rights and enforce contracts;
- providing examples of government regulation of the market;
- explaining that governments redistribute wealth; and
- explaining that taxes and fees fund all government-provided goods and services.
The student will demonstrate knowledge of credit and loan functions by
- evaluating the various methods of financing a purchase;
- analyzing credit card features and their impact on personal financial planning;
- identifying qualifications needed to obtain credit;
- identifying basic provisions of credit and loan laws;
- comparing terms and conditions of various sources of consumer credit;
- identifying strategies for effective debt management, including sources of assistance;
- explaining the need for a good credit rating;
- comparing the costs and conditions of secured and unsecured loans; and
- comparing the types of voluntary and involuntary bankruptcy and the implications of each.