Exam CRCM topic 1 question 135 discussion

The correct answer in the ebook is the following, give the customer the short-form disclosures orally and the-long form disclosures in writing. Page 573

When it comes to debt cancellation contracts and their solicitation, particularly in the context of consumer lending products, regulatory guidance emphasizes the importance of clear and timely disclosures to consumers. These disclosures are intended to ensure that consumers fully understand the terms, conditions, benefits, and costs of such contracts before making a decision. The requirements for these disclosures can vary depending on the specific regulatory framework (such as the Truth in Lending Act (TILA) and its implementing regulation, Regulation Z) and the nature of the product or service being offered. he most appropriate and consumer-friendly approach for Safe National Bank at the time of application and solicitation is C. Give the customer the short-form disclosures in writing. This ensures that consumers are immediately informed about the essential terms and conditions of the debt cancellation contracts in a clear, concise manner, enabling them to make informed decisions.