A mortgage company runs a thirty-second radio spot saying 'Buy your dream home today with only $5,000 down!' That single specific dollar figure activates a federal disclosure requirement: the spot must now also disclose APR, the loan term, and other required credit details. Had the company instead said 'low down payment options available' — a general phrase with no specific number — no additional disclosures would have been required. The federal scheme is built around specific words and figures that, when used, force the full credit picture into the ad. What are those specific words and figures called under Regulation Z?
Correct Answer
C) Trigger terms under Regulation Z
The single specific figure ('$5,000 down') flipped the disclosure switch and required the ad to include APR, loan term, and other credit details. The specific words and figures that activate those required mortgage-ad disclosures under Regulation Z are trigger terms.
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