Jack found out that his American Express credit card was stolen. He immediately called the company and informed it about the loss. However, the thief had made unauthorized purchases worth $250 by then on Jack's account. Per the Truth in Lending Act, what is Jack's liability, if any?
◯ Jack's is able for 100 percent of the unauthorized charges
◯ Jack cannot be held liable for any charges on the card.
◯ Jack's liability will be worth 50 percent of the unauthorized purchases made through his stolen card
◯ Jack's liability for those charges cannot exceed $50.