The following are trigger terms: the amount or percentage of any down payment, the payment period, the monthly payment, and the amount of the finance charge.
The triggering terms include charges imposed under a non-home secured credit plan such as finance charges, late fees, over-the-limit fees, returned item fees, fees for obtaining a cash advance, fees to obtain additional or replacement cards, expedited card delivery fees, application and membership fees, annual and ...
The APY is a trigger term that requires additional disclosures so anytime there is a rate listed, it necessarily requires additional Reg DD disclosures. Statement that Interest payout is mandatory if: Term greater than one year. Interest does not compound on at least an annual basis.
Share. Definition: used in advertising, include the following – the amount or percentage of down payment, number of payments, period (term) of repayment, amount of any payment, and the amount of any finance charges. Pronunciation: \ˈtri-g(ə-)riŋ\
A triggering event is a tangible or intangible barrier or occurrence which, once breached or met, causes another event to occur. Triggering events include job loss, retirement, or death, and are typical for many types of contracts.
In mortgage advertising, triggering terms influence consumer decisions by indicating specific financing details. The term 'Assumable Mortgage' does not provide specific conditions like the others do. Hence, it is not considered a triggering term compared to the others in the list.
The trigger terms are those required to be disclosed under section 1026.6(b)(3) and include the APR, transaction fees, annual fee and certain other charges. This applies to trigger terms stated in the positive ($50 annual fee) and in the negative (no annual fee).
Payment Trigger means the occurrence of a Change in Control during the term of this Agreement coincident with or followed at any time before the end of the 12th month immediately following the month in which the Change in Control occurred, by the termination of the Executive's employment with the Corporation or a ...
A triggering term (or trigger term) is a word or phrase that, when used in advertising, requires the advertiser to provide additional disclosures. Triggering terms are intended to help consumers compare credit, leasing, and other offers on a fair and equal basis and are regulated under federal law.
Consumer Financial Protection Bureau Releases Final Rule on Credit Card Late Fees, with Overdraft Fees on Deck. On March 5, 2024, the Consumer Financial Protection Bureau (Bureau) announced the final rule governing late fees for consumer credit card payments, likely cutting the average fee from $32 to just $8.
For example, the CARD Act requires credit card companies to inform consumers on every statement how long it would take to pay off their debt if they only made the minimum payment.
A trigger is a stimulus that elicits a reaction. In the context of mental illness, "trigger" is often used to mean something that brings on or worsens symptoms. This often happens to people with a history of trauma or who are recovering from mental illness, self-harm, addiction, and/or eating disorders.
Final answer: A 'triggering term' in advertising refers to specific financial terms which necessitate additional disclosures under specific laws. All examples provided, except 'mortgage is assumable', qualify as 'triggering terms' as they provide specific financial figures requiring further information.
Down payment: A reference to a down payment in an advertisement acts as a triggering term only if a down payment is actually required for the credit product. For example, stating that no down payment is required does not trigger additional disclosures.
Definition and Examples of Triggering Terms
The number of payments: For example, “monthly payments of less than $100,” “pay just 15% each month,” or “$12 per month.” The period of repayment: For example, “10 years to pay off,” “24 months to pay down,” or “5-year loans available.”
Final answer: The only term that is not a 'trigger term' according to Regulation Z is the APR. Trigger terms in Regulation Z are those that could potentially cause misunderstanding about the cost of credit, including downpayment amount, number of payments or repayment period, and finance charge amount.
As mentioned, lenders must approve an assumable mortgage. If done without approval, sellers run the risk of having to pay the full remaining balance upfront. Sellers also risk buyers missing payments, which can negatively impact the credit score of both the buyer and seller.
The 15-year mortgage has some advantages when compared to the 30-year, such as less overall interest paid, a lower interest rate, lower fees, and forced savings. There are, however, some disadvantages, such as higher monthly payments, less affordability, and less money going toward savings.
Not assumable means that the buyer cannot assume the existing mortgage from the seller. Conventional mortgages are non-assumable. Some mortgages have non-assumable clauses, preventing buyers from assuming mortgages from the seller.
Trigger factors may be internal, such as snoring or excessive limb movements, or external, such as noise or being touched. Keep a diary of what you spend when, and look for trigger factors, such as how you were feeling. Some consider emotional stress to be the main triggering factor.
Examples of trigger events include globalization, shifts in labor market, deregulation, and mergers and acquisitions. Each of these events can cause adjustments in market equilibria, changes in competitive landscapes, or shifts in strategic business decisions.