Word: lender
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Dates: during 1970-1979
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...year. Debtors may withhold payment of a bill they believe to be incorrect, and the creditor must explain the billing within 90 days. A credit cardholder is liable for only $50 in purchases that someone else charges on a lost or stolen card. If a merchant or lender turns down an application for credit, he must say why. People may not be denied credit because of sex, race or national origin. A bank, finance company or other lender that buys an installment contract from a merchant-in legal parlance, a "holder in due course"-may not demand payment for defective...
...happy thought for the salesman: though his loan would be unsecured-since a vacation cannot be foreclosed or repossessed-he would have little trouble getting it. Only one lender, People's Finance Co. of Somerville, Mass., expressed reluctance. If the salesman were salaried, he would get $1,000-the company's maximum to anybody-at 18% interest. If he worked on commission, Manager Edmund Naddaff would turn him down flat. Why? Like many people in the business, Naddaff has his own intriguing theory: a commission salesman, he says, is likely to be "manic-depressive as a person...
...contract. The product quickly breaks down or proves otherwise defective, and the dealer refuses to repair or replace it. Understandably, the consumer then tries to withhold payment-only to find that his contract has been sold by the dealer at a discount to a bank, finance company or other lender. The lender proclaims, quite correctly, that as the purchaser of a presumably valid contract-in legal parlance, as a "holder in due course"-he has no responsibility for the merchandise but has a legal right to collect the payments. The consumer is stuck: he must continue paying...
...Fraser has turned uncharacteristically frugal of late. He has fired the gaggle of Harvard M.B.A.s who flocked to Hilton Head in the early 1970s. In order to reduce Sea Pines' towering debt, he has sold Palmas Del Mar-taking a $13 million loss -and deeded back to the lender the North Carolina tract where he planned to build the Nantahala/Heritage Park. He has also shelved plans for several smaller resorts where "almost any member of the middle class" could enjoy a few days of outdoor recreation for a modest price. "Making a profit is listed in the corporate objectives...
...activist National Organization for Women (NOW) said it was "generally pleased" with the new rules. Nonetheless, women's groups still have some reservations. They are disappointed that the new rules do not force a lender to spell out reasons for refusing credit in writing, but permit it to be done orally. If a creditor had to write out reasons for turning down a loan, feminists point out, he would be answerable in court for a flimsy excuse. Some feminists also wonder how vigorously the law will be enforced. Recently, several states have passed fair-credit laws, but, complains Carole...