Answer for Consumer Credit Transaction - New York

Answer for Consumer Credit Transaction is a legal document that was released by the New York Supreme Court - a government authority operating within New York.

FAQ

Q: What is a consumer credit transaction?A: A consumer credit transaction is any transaction in which credit is offered or extended to an individual for personal, family, or household purposes.

Q: What are some common examples of consumer credit transactions?A: Common examples of consumer credit transactions include credit card purchases, auto loans, and mortgages.

Q: Do I have any rights as a consumer in a credit transaction?A: Yes, as a consumer in a credit transaction, you have various rights, such as the right to receive accurate and clear information about the credit terms, the right to dispute billing errors, and the right to cancel certain credit transactions within a specified time period.

Q: Are there any laws that regulate consumer credit transactions in New York?A: Yes, consumer credit transactions in New York are regulated by various laws, including the New York State General Business Law and the federal Truth in Lending Act.

Q: What is the Truth in Lending Act?A: The Truth in Lending Act (TILA) is a federal law that requires lenders to provide consumers with clear and accurate information about the terms and costs of credit before they enter into a loan agreement.

Q: What should I do if I believe my rights have been violated in a consumer credit transaction?A: If you believe your rights have been violated in a consumer credit transaction, you should contact the New York State Department of Financial Services or consult with an attorney specializing in consumer protection laws.