Certified Regulatory Compliance Manager (CRCM) — Question 184

It must provide in writing to consumer at least 21 days before the effective date of any change in a term or condition disclosed in the initial disclosure statement if the change results in:
"¢ Increased fees
"¢ Increased liability for the consumer
"¢ Fewer types of available EFTs
"¢ Stricter limitations on frequency or dollar amount of EFTs
What is it?

Answer options

• A. Change-in-terms notice
• B. Error resolution notice
• C. Unauthorized transfers
• D. Return items document

Correct answer: A

Explanation

The correct answer is A, Change-in-terms notice, as it specifically addresses the requirement to notify consumers about significant changes that could affect them financially. The other options do not pertain to this specific requirement; B refers to how errors are resolved, C deals with unauthorized transactions, and D concerns the handling of returned items.