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Cedar Rapids Gazette (Newspaper) - October 9, 1974, Cedar Rapids, Iowa "T ii«—tv.,w 'i'- »*.»xvi** jiHftpvi ' ~ 2A    The Cedar Rapids Gazette Wed.. Get 9. 1974Too Few Americans Understand Truth-in-Lending Law By Sylvia Barter NEW YORK - A full five years after the historic Truth in Lending law went into effect in our country, fewer than one in five consumers is even aware that the law exists, according to studies a while ago by the Federal Trade Commission — the agency responsible for a large part of Truth in landing enforcement You really don’t need studies to tell you that, though You (Third of a series) might properly suspect that millions of Americans are not benefiting from “the informed use of credit” by the record totals of personal bankruptcies. the climbing numbers of loan delinquencies, the mounting repossessions of purchases ranging from autos 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 Sn check your own (’redit I. Q How much do you know? (). What if your state has its own set of laws governing consumer credit and if one or more of the provisions conflict with the federal Truth in landing law? A If there is a clash between state and federal consumer credit protection laws. the federal law holds Hut if the state 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 — eg., in which it is implied that physical violence is the price of 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 rates which can go up to 300 . 400, 500, even I .OOO percentSylvia Porter Q. What arr other provisions vital to your protection? A Truth in Lending forces any seller or lender who ad-vortises any specific credit term to include in the ad other key terms of the credit deal, For 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 magazine ads, mail order catalogs, leaflets and flyers, radio and TV ads public address announcements direct mail solicitations Printed promotional material offered at stores, banks and other creditors’ establishments are covered as are price tags on merchandise If a business person fails to make all the required disclosures — including those in ads — you have a right to sue for twice the amount of the finance charge, with a minimum of $100 and a maximum of SI .(NNI plus court costs and reasonable lawyers' fees Q. What about that “fooling off” period? A As a previous column reported, any home improvement 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 Watergate Trial signed if your home has linen 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 contract. You must be notified in writing of this right to cancel. Other typos of loans to which the three-day cooling off period applies are Most second mortgages, loan refinancings, repair jobs involving mechanics’ or similar liens 4). What about unsolicited credit cards? A Truth in Lending bans MARMADUKE these And in addition to limiting the credit card holder s liability for unauthorized use of the card by another person to $50, 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 identification that you are the one authorized to use the card — or else release you from all liability for cards stolen or lost. (Next: Test Ytur Credit I t) — part four.) By Anderson A Looming Aura of Nixon-Sirica Bout Experts Fooled Even a wise collector can bo 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. Bv Boh (onsidine NKW YORK - The trial of the Watergate Five is accidentally taking on the patina of a contest between two tough fighters. Citizen Richard Nixon and Judge John Sirica. It was clear that the former President could not come to Washington to testify during his bout with phlebitis and a clot near his heart Rut now he is out of the hospital, and feeling chipper enough to curse a photographer The judge has been telling prospective jurors that they may tx* locked up until after Christmas. Like Muhammad Ali. Sirica can wait for the cut eye to heal The tough little jurist, whit, in effect, cracked the whole case by packing a passel of “plumbers” off 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 tx* charged in an appeals court that he rushed the proceedings in this present trial. He has had heart-to-heart talks with each member of the jury panel, whose names have lKs»n called, not the customary practice of most judges lie has fixed his limpid but determined eyes upon them and said, in his soft voice, that if they Iii* to him -- to skip their duty — he may fine them for contempt of court or even send them to jail He believes he will whittle the army of panelmen down to about 5b good prospects sometime this week This group Bob Considine then will undergo open-court questioning by lawyers of the prosecution and the defense That questioning can take a considerable length of time, 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 continues. it is assumed Nixon will recover to a point where there is a distinct possibility he will be examined by a court-appointed group of doctors instead of his own. if he continues to plead that he can’t make it to W ashington Special Prosecutor Leon Jaworsky has asked Judge Sirica to do lust that The judge has promised to make up his mind on that after the1 12 jurors and six alternates are finally agreed upon, and if Nixon is still holed up in San ('lemente. Two subpoenas have been served on the former President, and his lawyers have twice requested the lodge to quash them One of the requests was based on “national security” reasons There is another complication The government could conceivably tell the former Dances To Succeed Field Day Event DECORAH - The annual “Field Day Event”, 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 that this was made necessary because of an anticipated shortage of fuel and equipment. In place of the Field Day event the committee has scheduled two dances that will be free to all area farmers Decorah merchants will donate gift certificates to be given away as door prizes at the two dances The first dance will be held Monday. Nov 4, at Nob Hill Supper club The second dance is scheduled for Monday. Nov ll. at Matter s ballroom northeast of Decorah The “Blue Flames” dance band of Oelwein will play for both dances. Shop Thursday ’Til 9:00 P.M. DISCOVER DINETTES In Aristocratic Bronze Your Choice I Pc. Oval tXNCTTf • 36 *48 *60 s#i* tdge • Tapered leg* Wirt* Baked Brome Fimth • Colorful Carefree Wa»»*c • Seif-levei)r>g Glide* s99 Stay* Bums 393-6047 Hew Homa In Marlon lf you coll now »o vee fbi* home, you ertll hove time to select the point, wallpaper cmd cor pet you would Ute to howe rn your new 3 bedroom ranch Th** home con be purchated on on THA or VA loon of 7%% interest Priced ot $26, 950 366-5363 Always Convenient Credit Terms 7 Pc. Rectangular DIMITT! • 36 *48 *60 Self fdge Top • Self le»#ie'% on Table and Choir ley* • Carefree Pianic • Decorator Color* • Decorator Devgn* Other finnhe* ovoilab/e • Gleommg Chrome • Antiq^ie Bnpue • Sponivh Block • Avocado • Contemporary Phone 366-2436 President to relax and forget its call to him to serve as a prosecution witness. Might not really need him But the subpoena served by John Ehrlich-man is something else. Khrlichman, once a man of tremendous power around the* White House, is convinced that only Nixon can save him — the way the case has stacked up Hut to help his old associate. Nixon would have to testify that he, Nixon, initiated acts for which Khrlichman is now on trial If that happened, would a Nixon “confession” be blotted out by President Ford s sweeping pardon? Meanwhile, back at the bench, the judge is bending over backward to make this the fairest of all fair trials. Nothing escapes his eye. (He was once a crack middleweight fighter around Washington, and is one of Jack Dempsey’s closest friends.) Example: The other day he sent word to the media covering the trial that the newsmen must not fraternize with the defendants in the courtroom during recesses Most of the White House correspondents who knew John Mitchell. Bob Hal* deman. Khrlichman and their wives during the days before the gold turned to dross, “fend’’ for them. Judge Sirica wants not even the hint of bias or favoritism to he visible in his court. He reminds one of Bugs Baer’s description of Chief Justice Charles Evans Hughes: “He’s so impartial, he parts his beard in the middle.’’ Sirica apparently has not been bothered by one of the oddest samples of American nuthood — the person who will go to almost any extreme to get a seat on the jury of a famous or infamous court case The phenomenon may have reached its zenith, or nadir, in the selection of the jury for the Jack Ruby murder trial in Dallas, ten years ago. Ruby’s slaying of Lee Harvey Oswald was the most witnessed crime in history. The TY shots of it were replayed ad infinitum: the print media did not tire of the vivid scene for days thereafter Yet hopeful panelmen (and women) had the gall to stand up in court and swear they had never seen read, or even heard anything about the killing This on* is different ->»» sorely different "Now, what did you say about not taking 'no' for an answer?" Stanley PTO Elect Officers for Year STANLEY - The Stanley Parent-Teacher ()rganization has elected the following officers for the current school year. Mrs. Verne Knoke, president; Mrs. Gene McCann, vice-president; Judy Kase- mier. secretary; John Micu-Iinich. treasurer; Mrs. Gene McCann, ways and means; Mrs Eldon Ingamells, hospitality; Mrs. John Miculinich, publicity; Mrs Richard Kau, historian; Mrs Dale Reeker, room mother chairman y/ till mat    % mth < Vt lf on Ii National Grandmother's Day Sunday October 13 You'll Both G«t That Wonderful, Warm Fatting of Love that only ROSES can convey. Call Your Florist today for his Grandmother's Day ROSE SPECIAL /    BUH S Nm* Ship 331 Itll Ave, Marlin 377 6239 (    NOVOTNY Flowers. B R I. Cedar Rapids 365 1757 I    TOMAN Fbrist I Sift Ship SIS Cut* Pent Rd N E    364    1139 (    PIERSON S Elrn* Ship I Greenhouse HOO Ellis Blvd    N    J. I    366    1826 J LEWELLEN N*ist 121 Tewe R Country Shopping Cut* \    364    2146 \ KREBS Florist 2424 IBth St S J Cid* Rapids 363 2081 CEDAR MEMORIAL Flew* Shop 4200 1st Ave N E 393 6000 BEZDEK'S Florists 341 Moue Blvd Marion 377 1571 4 SEASONS Fl*ist. 3021 Mt Vernon Rd SE 363 5885 NEWPORT'S Greenhouse and Flower Shop 2125 Wilsee Ave S W 363 1121 PECK S Greet Thumb 5001 Cent* Pt Rd NE 393 5565 WILLY S Floral Design 3501 1st Ave SE 363 2675 ;

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