According to TILA, acceptable tolerances for the disclosure of finance charges are which of the following:

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According to TILA, acceptable tolerances for the disclosure of finance charges are which of the following:

A. ½ of one percent tolerance if the loan is with a new creditor and there is no new advance

B. One percent tolerance if refinancing with a new creditor and there is no new advance and no consolidation of existing loans

C. ½ of one percent tolerance if the disclosed finance charge is understated by no more than 0.5% of the face amount of the note or $100 whichever is greater.

Answer: D. Both “B” and “C”

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