IN State Law Assignment 2 of 2

   Check for Understanding Questions (Module 4)

     

1.     In performing an analysis to determine whether an applicant will have the ability to repay and offered loan, a licensee will need to consider, verify, and document which of the following?

A.   The income of the applicant

B.   The fixed expenses of the applicant

C.   Potential expenses of the applicant

D.   A and B only

2.    A creditor may not make a high cost home loan without first providing the borrower information to facilitate contact with a nonprofit counseling by which of the following?

A.   The U.S. Department of Housing and Urban Development

B.   The Indian Housing and Community Development Authority

C.   Either A or B

D.   There is no requirement to provide a borrower with information to contact a nonprofit  counseling agency

3.    A creditor who receives a payoff request must respond not later than ten (10) calendar days after receipt of the written request. What is the penalty if it does not?

A.   One hundred dollars ($100) per day after ten (10) days

B.   A flat five hundred dollar fine ($500)

C.   Fifty dollars ($50) per day for each day

D.   One hundred dollars ($100) and the accrued finance charge from receipt of the request till furnished

4. To be enforceable, every contract for the services of a loan broker must be in writing and signed by whom?

A. Contracts do not need to be signed

B. By the contracting parties

C. The Indiana Secretary of State

D. The Securities Commissioner

Please Type in Your Letter Choice for Each Multiple Choice Question Below.