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Income tax: Allows the Federal Government to collect a tax on the income of each citizen based on standard rates across the country.
Interest: The periodic amount, expressed as a percentage, which is charged by a lender for use of credit..
Internal Revenue Service: The United States federal government agen- cy that collects taxes and enforces the internal revenue laws.
Lemon Law: If the car has been repaired four or more times for the same defect within the warranty period and the defect has not been fixed, the car qualifies as a lemon.
Magnuson-Moss Warranty Act: The federal statute that governs war- ranties on consumer products.
Mortgage: Document signed by a borrower when a home loan is made that gives the lender a right to take possession of the property (a security interest) if the borrower fails to pay off on the loan.
National Association of Consumer Advocates: A nationwide organiza- tion of more than 1000 attorneys who represent and have represented hundreds of thousands of consumers victimized by fraudulent, abu- sive and predatory business practices.
National Commission on Consumer Finance: Studies and appraises the functioning and structure of the consumer finance industry, as well as consumer credit transactions generally.
National Do Not Call Registry: Commercial telemarketers are not allowed to call you if your number is on the registry, subject to cer- tain exceptions.
Phishing: The criminally fraudulent process of attempting to acquire sensitive information such as usernames, passwords and credit card details, by masquerading as a trustworthy entity in an electronic com- munication.
Promissory Note: A written promise to pay at a fixed or determinable future time a sum of money to a specified individual or to bearer.
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