Answer:
The definition of "consumer credit" requires, among other items, that the credit is:
(i) Subject to a finance charge; or
(ii) Payable by a written agreement in more than four installments.
A transaction is covered if either condition is met. For example, a single payment loan primarily for personal, family, or household purposes upon which a finance charge is imposed is covered.
-----------------------------
Learn more about Jack and Kelly’s webinar Military Lending - 11th Hour Checklist
print
share