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Cedar Rapids Gazette (Newspaper) - October 9, 1974, Cedar Rapids, Iowa 2ft Tor Ofdar Rapids Gazollf Wpd., 9. 1971 loo Few Americans Understand Truth-in-Lending Law By Sylvia I'ortrr NKW YORK A full five years after the historic Truth in landing law went into effect HI nur niuntry. fewer than one in five consumers is even aware that the law exists, ac- cording to studies a while ago hy the Federal Trade Commis- sion the agency responsible [iir a large part of Truth in I .ending enfurcenienl. You really don't need studies In tell you that, though. Ymi (Third of a series) might properly su.speet that millions of Americans are not benefiting from "the informed use nf credit" hv the record totals of personal bankrupt- cies, the climbing numbers of loan delinquencies, (he mount- ing repossessions of purchases ranging from aiitos to mobile homes, the fact that in this era of nightmarish slumpflation, hundreds of thousands of families, young and old in every income bracket, are dangerously overextended in their borrowings. So chock your own Credit I. llow much do you know'.' What if yiinr state has Its own set of laws governing con- sumer credit and if one or more m the provisions conflict with thp federal Truth in Lending law" A. If there is a clash between state and federal consumer credit protection laws, the federal law holds. Hut if the slate law is stricter, this law prevails. Q. What protection does Truth in Lending give you against loan sharks? A. The law imposes stiff criminal sanctions on loan sharks e.g.. In which it is implied that physical violence is the price nf late repayment or failure to repay a loan, or in which flagrantly usurious interest rates are charged. However, there is no federal sanction against loan shark interest rales which can go up to even per- cent Watergate Trial Sylvia Porter What are other provisions vital to your protection? A Truth m Lending forces any seller or lender who ad- vertises any specific credit term to include in the ad other terms of the credit deal. Knr instance, an ad may not declare "no down payment" without also giving details on the total cost of the item or service, the amount of monthly payments, other conditions. Exception: Ads of certain revolving charge accounts "Advertising" includes newspaper and magax.ine ads. mail order catalogs, leaflets and flyers, radio anil TV ads public address an- nouncements direct mail solicitations. Printed promo- tional material offered at stores, hanks and other credi- tors' establishments are covered as arc price tags on merchandise If a business person fails to make all the required disclosures including those in ads yiin have a right to sue for twice the amount of the finance charge, with a minimum of and a maximum of plus court costs and reasonable lawyers' fees. Q. What ahoul that "cooling off" period? A As a previous column reported, any home im- provement contractor offering you a financing deal along with his services, must also notify you of your right to a three-day cooling-off period during which you may cancel any credit contract you may have signed if your home has been used as collateral. In fact, you have a right to cancel (rescind) any loan in which your home has been put up as collateral if you notify the creditor in writing, within three business days of the time you signed the conlract. You must he notified in writing of this right to cancel. Other types of loans to which the three-day cooling off period applies are Most second mortgages, loan refinancings, repair jobs involving mechanics' or similar liens. What about unsolicited credit cards? A Truth in Lending bans MARMADUKE these. And in addition to limit- ing the credit card holder's liability for unauthorized use of the card by another person to it sets criminal penalties for illegal use of credit cards Credit card issues also must: Notify you of your potential liability provide you with a pre-stamped self-addressed notice to use in notifying the issuer if your card has been lost or stolen; provide you with a photograph or other iden- tification that you are the one to use the card or else release you from all liability for cards stolen or lost. (Next: Tost Your Credit part four.) By Anderson Learning Experts Fooled Even a wise collector can be fooled as the photo on the right proves after radiographer Charles Bridgeman X-rayed what appeared to be an ancient and very valuable statue purchased in the Orient. The solid ivory was actually a thin shell filled with small rocks. Dances To Succeed Field Day Event DECORAII The annual "Field Day which has been put on for several years by the rural appreciation committee of the Decorah Chamber of Commerce, has been canceled for this year. The committee said thai this was made necessary be- cause of an anticipated shor- tage of fuel and equipment. In place of the Field Day event the committee has scheduled two dances that will he free to all area farmers. Decorah merchants will do- nate gift certificates to he given away as door prizes al (he two dances. The first dance will he held Monday, Nov. 4, at Nob Hill Supper club. The second dance is scheduled for Mon- day, Nov. 11, at Matter's ball- room northeast of Decorah. The "Blue Flames" dance band of Oclwein will play for both dances. Hy Bob ('nnsidinr NEW YORK The trial of the Watergate Five is acciden- tally taking on the patina of a contest between two lough fighters. Citixen Richard Nixon and .ludgo John Sirica. II was clear that the former President could not come to Washington to testify during his hunt with phlebitis and a clot near his heart. But now he is nut of the hospital, and feeling chipper enough to curse a pho- tographer. The judge has been telling prospective jurors that they may be locked up until after Christmas. Like Muhammad Ali. Sirica can wail for the cut eye to heal. The tough little jurist, who. in effect, cracked the whole case by packing a passel of "plumbers" (iff to prison in the early days and commenting that they had left a lot of things untold, is now seeing to it that it can never be charged in an appeals court that he rushed the proceedings in this present trial. lie has had heart-to-heart talks with each member of the jury panel, whose names have been called, not the customary practice of must judges. He has fixed his limpid but deter- mined (.-yes upon them and said, in his soft voice, that if they lie to him lo skip their duly he may fine them for contempt of court or even send them to jail. He believes he will whittle the army of panelmen down lo about good prospects some- time this week. This group Bob. Considine then will undergo open-court (inestinning by lawyers of the prosecution und the defense. That (lucsiioning can take a considerable length of lime, particularly in a case of this historic scope, and the glum prospect of being cut off from family, friend and job from now into the holidays. As the tedious process con- tinues, il is assumed Nixon will recover to a point where there is a distinct possibility he will be examined by a court ap- pointed group of doctors ins- tead of his own. if he continues to plead thai he can't make it lo Washington. Special Prosecutor Leon Jawnrsky has asked Judge Sirica to do just that. The judge has promised lo make up his mind on (hat alter the I-' jurors and six alternates arc finally agreed upon. and if Nixon is still holed up in Sail Clemenle. Tun subpoenas have been served on the former President, and Ins lawyers have twice requested the judge In them. One of the requests was based on "na- tional security" reasons. There is another complica- tion. The government could conceivably tell the former Steve Burns 393-6047 New Home In Marlon f .en. now to M'O 'hr,
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