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CERTIFIED REGULATORY COMPLIANCE MANAGER (CRCM) Questions 136–137 (page: 83)

Updated On: 9-Feb-2026

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QUESTION: 136

ACME National Bank has a Web site that lists the bank's products and services. On its consumer loan page it lists debt cancellation contracts as an available product. What other disclosure must the bank place on this Web page?

None. Because it only lists the product, nothing else is required.
The short-form disclosures must be on the page.
The short-form disclosures must be available by a conspicuous link on the page.
The long-form disclosures must be on the page.

Answer(s): A

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QUESTION: 136

ACME National Bank has a Web site that lists the bank's products and services. On its consumer loan page it lists debt cancellation contracts as an available product. What other disclosure must the bank place on this Web page?

None. Because it only lists the product, nothing else is required.
The short-form disclosures must be on the page.
The short-form disclosures must be available by a conspicuous link on the page.
The long-form disclosures must be on the page.

Answer(s): A

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QUESTION: 137

ACME National bank uses telephone solicitations to sell its debt cancellation contracts. The banker explains to the borrower the nature of the contract, gives an oral short form disclosure, receives the customer's affirmative election orally, and sends the written long form disclosures and written affirmative election within three business days. Is the bank in compliance with the telephone solicitation rules as they apply to affirmative elections?

Yes, the bank has fulfilled all of its requirements.
No, oral affirmative elections are not acceptable.
No, the bank also must give the customer 30 days to cancel the contract.
No, telephone solicitations are not allowed for debt cancellation contracts.

Answer(s): C

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QUESTION: 137

ACME National bank uses telephone solicitations to sell its debt cancellation contracts. The banker explains to the borrower the nature of the contract, gives an oral short form disclosure, receives the customer's affirmative election orally, and sends the written long form disclosures and written affirmative election within three business days. Is the bank in compliance with the telephone solicitation rules as they apply to affirmative elections?

Yes, the bank has fulfilled all of its requirements.
No, oral affirmative elections are not acceptable.
No, the bank also must give the customer 30 days to cancel the contract.
No, telephone solicitations are not allowed for debt cancellation contracts.

Answer(s): C

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QUESTION: 137

ACME National bank uses telephone solicitations to sell its debt cancellation contracts. The banker explains to the borrower the nature of the contract, gives an oral short form disclosure, receives the customer's affirmative election orally, and sends the written long form disclosures and written affirmative election within three business days. Is the bank in compliance with the telephone solicitation rules as they apply to affirmative elections?

Yes, the bank has fulfilled all of its requirements.
No, oral affirmative elections are not acceptable.
No, the bank also must give the customer 30 days to cancel the contract.
No, telephone solicitations are not allowed for debt cancellation contracts.

Answer(s): C

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