- Unit 51: Executive Recruitment Solutions Assignment Sample-BTEC-HND-Level 4 & 5
- Unit 51-LO1 Explain the nature and scope of the recruitment industry-BTEC-HND-Level 4 & 5
- Unit 51-LO4 Apply skills for an executive search within a given business context to meet a client brief-BTEC-HND-Level 4 & 5
- Unit 51-LO3 Present the process of executive recruitment and the required skills at each stage of the process-BTEC-HND-Level 4 & 5
- Unit 50: Consumer and Intellectual Property Law Assignment Sample
- Unit 50-LO3 Evaluate the key provisions relating to intellectual property rights-BTEC-HND-Level 4 & 5
- Unit 50-LO4 Recommend appropriate legal solutions based upon relevant legislation, case law, and regulations-BTEC-HND-Level 4 & 5
- Unit 50-LO1 Analyse the main principles affecting the legal relationship between business organizations and their consumers-BTEC-HND-Level 4 & 5
- Unit 49: Company Law and Corporate Governance Assignment Sample-BTEC-HND-Level 4 & 5
- Unit 49-LO2 Assess the importance of meetings and resolutions incorporate management-BTEC-HND-Level 4 & 5
- Unit 49-LO3 Analyse the process of raising and maintaining capital for a company-BTEC-HND-Level 4 & 5
- Unit 49-LO4 Evaluate the role and impact of corporate governance in the management of companies-BTEC-HND-Level 4 & 5
- Unit 49-LO1 Evaluate the nature and legal status of companies-BTEC-HND-Level 4 & 5
- Unit 48: Law of Contract and Tort Assignment Sample-BTEC-HND-Level 4 & 5
- Unit 48-LO2 Discuss how the contents and the terms of the contract are established-BTEC-HND-Level 4 & 5
- Unit 48-LO3 Illustrate the impact of contractual breakdown and suggest remedies available for breach-BTEC-HND-Level 4 & 5
- Unit 48-LO4 Evaluate the elements of the tort of negligence and remedies available-BTEC-HND-Level 4 & 5
- Unit 48-LO1 Examine the essential elements of a valid contract-BTEC-HND-Level 4 & 5
- Unit 47: Business Intelligence Assignment Sample-BTEC-HND-Level 4 & 5
- Unit 47-LO2 Compare the tools and technologies associated with business intelligence functionality-BTEC-HND-Level 4 & 5
Unit 50-LO2 Examine the legal rules on consumer credit agreements-BTEC-HND-Level 4 & 5
Course: Pearson BTEC Levels 4 and 5 Higher Nationals in Business
There is not one specific, one-size-fits-all legal release for buying many different items on credit. Credit agreements are under federal and state laws. It is difficult to find out what laws you need to follow for a credit agreement.
In general, there are things you need to know before agreeing to a contract. These are the ways you will pay back what you borrow. For how long and with what interest. You should also know what the annual percentage rate won’t go higher than; all late fees or other penalties for missing payments; what will be deducted before you get paid; and how much it costs credit-wise.
Also Read: Evaluate the key provisions relating to intellectual property rights
Forms of consumer credit agreements:
Classification of consumer credit agreements and different types
Consumer credit can be divided into two types: revolving credit and installment credit.
1. Revolving Credit: Also known as revolving credit limit. A line of credit is a way to borrow money from the bank. You can use it as much as you want, up to the limit.
If you want to keep your credit line open, you will need to make the minimum required payments regularly. However, because revolving credit is an unsecured debt, it usually attracts relatively high-interest rates.
The remaining debt after the minimum payment will attract interest every month when the credit line becomes available.
2. Installment credit: This kind of credit is generally issued for a specific purpose. They can be buying furniture, vehicles or household appliances, etc.
Installment credit means making monthly payments. You should make them within a period of time that you and the lender agree on. Unlike revolving credit, installment credit attracts lower interest rates because it is a secured debt. If someone doesn’t pay back what they owe, the company can take their things.
Pre and post-contract requirements
Contract requirements are used to list what a contractor will and won’t do. You need to agree before the contract before you make it official. post-contract requirements refer to any additional specifications or changes made during this earlier period, such as in amendments or addendums.
The parties involved – purchaser/owner on one side, designer/architect on the other – should agree on the desired result of about 50% before they hire contractors, but then prepare for fluctuations up to 25%.
Restricted use of credit, unrestricted use of credit, debtor-creditor supplier agreements, debtor-creditor agreements, relevant legislation
Restricted use of credit – The agreement is a contract. It’s limited to what you can do with the data. It is not a general prohibition on trading any personal information under Article 13(d) of Regulation 2016/679;
Unrestricted use of credit – this allows for a wider range of transactions, including marketing outside Article 13(c).
Debtor-creditor supplier – in debtor-creditor relationships the exporter has considerable control over the export process. A court has traditionally said that if the consumer does not do something to say no, then they have given their consent.
The debtor-creditor- This contract is transactional. It is balanced. You can do what you want with your data, but I can too. If you get my data in the course of doing work, you can only use it in that work. They may use your data if it’s appropriate and/or necessary under the law.
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Rights and obligations under consumer credit agreements
Consumer Credit Agreements are agreements in which one party credits another person for the purchase of a good or service system. Consumer credit is a generic term that has come to refer to any type of credit that may be obtained by someone who does not possess wealth or an adequate level of income.
As such, consumer credit includes bank loans (primarily residential mortgages), car loans, home equity loans and lines of credit (which can be used like checking accounts), mortgage lending, and other types of short-term unsecured financing offered by auto dealerships, furniture stores, payday lenders, pawnshops and other establishments. When you want to buy something, the company will check your credit. If you have a good credit score, then they will give you more money.
Consumer credit licensing:
General licensing requirements e.g. the issue of licenses
In America, we need a license to lend and collect installment loans. We also need a license to open a real estate finance company. The primary consumer protection legislation in this regard is the Consumer Credit Protection Act of 1968 (CCPA). Requirements vary depending on whether you are an individual or a partnership and your proposal for granting or lending money.
You have to prepare your application before you submit it. A quality license examiner must examine every part of your application, including licenses where applicable, business experts handbooks, and other regulations which may apply to your organization before issuing a license. Once approved for issuance by the examiner’s office, do not assume that doing follow-up paperwork is enough – you also have abode by rules outlined in the Handbook of the Office of Credit Institutions (CCP).
Termination of consumer credit agreements, early re-payment, right to terminate, termination statements, enforcement of consumer credit agreements, creditor’s remedies, default notices, relevant legislation
Termination of consumer credit agreements:
Terminating a consumer credit agreement is not always easy to do, and it will be time-consuming for the creditor. There are different ways to terminate a contract. For some, only sending an email will work. But for others, it is more difficult and you need to hire a lawyer and take court action. Some clauses make this process very hard without dealing with legal consequences – for example non-compliance with renewal obligations or making agreements regarding verbal credit facilities.
A problem with paying early is that mistakes can happen. If a person wants to pay back his loan before it is due, he would have to send a letter of notice, which must be done at least 60 days before the date when re-payment will take place.
Right to terminate:
There is no right to terminate a consumer credit agreement, specifically for open-ended facilities. The only exception is when the financial institution has acted fraudulently or negligently in performing its role under the agreement. However, some licensees do not want to allow their customers to terminate an open-ended credit facility, even with due grounds.
Consumer protection laws make it so that when you close your account, the company has to tell you about how long it will be open and how to close it. A creditor who violates this law could have a lawsuit filed against them.
Enforcement of consumer credit agreements:
The Consumer Credit Protection Act and the Code of Commercial Contracts cover how to enforce consumer credit agreements.
Creditor’s remedies are the consequences that follow once a person has breached his obligations under a consumer credit agreement. These provisions allow creditors to file for unpaid debts, or seize property owned by the debtor – including real estate and vehicles.
Consumer protection legislation states that when somebody does not do what they agreed to in their credit agreement, you need to tell them about the changes in their payments and how they can avoid defaulting.
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