CRCM practice questions, page 15 of 19, with answer review and explanations.
Question 71
Securities credit covers credit subject to Section 7 of the Securities Exchange Act of 1934 or credit by a broker or dealer subject to regulation under the act. The following requirements of Regulation B do not apply EXCEPT:
Restrictions regarding information about a spouse or former spouse, marital status, or sex of the applicant
It is not payable by agreement in more than four installments
Provisions relating to furnishing credit information
Records retention requirements
Question 72
Government credit -
It is credit extended to governments or government agencies, instrumentalities, or subdivisions
It has no finance charge
It has Records retention requirements
Only the general rule against discrimination applies to government credit
Question 73
An oral or written request for credit made in accordance with the creditor's procedures for the type of credit requested. Information entered into and retained by a computer system qualifies as a written application. It is called:
Credit Application
Credit completed application
Initial credit approach
None of these
Question 74
Definition of completed application""12 CFR 202.2(f) is:
An application for which the bank has received all the information it regularly considers in evaluation, including credit reports, verifications, and so forth
The creditor must be reasonably diligent in collecting information to complete the application (for example, ordering credit bureau reports)
An inquiry becomes an application when the creditor evaluates information and decides to grant or decline the credit
Requests for written preapprovals to be issued by the lender are considered applications
Question 75
Requirements""12 CFR 202.2, 202.4, 202.5, 202.6, and 202.13 say that a creditor may not request information about an application's race, color, religion, national origin, or gender except as specifically permitted by ____________or another statute such as the Home Mortgage Disclosure Act.