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Question
Which of the following statements is true of the penalties and remedies under the Truth-in-Lending Act?
A. There are no criminal penalties for violation of the Truth-in-Lending Act.
B. The criminal liability provisions make creditors liable to debtors for an amount equal to thrice the finance charge.
C. The civil liability provisions may allow creditors to be liable to debtors for an amount neither less than $4,000 nor more than $40,000 for a closed-end real estate transaction.
D. Creditors may avoid liability in the event they make an error, provided they notify a debtor within sixty days after discovering the error and also correct the error.
E. Creditors, in certain cases, may be allowed to collect finance charges in excess of those actually disclosed.
Answer
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