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Difference between revisions of "Direct Sales, Future Performance, and Time Share Contracts (11:V)"
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Direct Sales, Future Performance, and Time Share Contracts (11:V) (view source)
Revision as of 23:04, 9 November 2019
, 23:04, 9 November 2019no edit summary
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High cost credit products are loans or lines of credit that charge high interest rates and/or various fees. The formal definition of a High-Cost Credit Products is: | High cost credit products are loans or lines of credit that charge high interest rates and/or various fees. The formal definition of a High-Cost Credit Products is: | ||
*(a) a fixed credit product that has an APR that exceeds the prescribed APR and meets other prescribed criteria, | *(a) a fixed credit product that has an APR (annual percentage rate) that exceeds the prescribed APR and meets other prescribed criteria, | ||
*(b) an open credit product that has an annual interest rate that, calculated in accordance with the regulations, exceeds the prescribed annual interest rate and meets other prescribed criteria, | *(b) an open credit product that has an annual interest rate that, calculated in accordance with the regulations, exceeds the prescribed annual interest rate and meets other prescribed criteria, | ||