Truth in Lending Act
A federal law that requires lenders to disclose the true cost of credit transactions by providing certain information to borrowers, including the terms of a loan, interest rates, and the number, amount, and due dates of all payments necessary to pay off the loan.
Category: Bankruptcy, Foreclosure & Debt → Debt & Collection Agencies
Category: Bankruptcy, Foreclosure & Debt → Foreclosure
Category: Personal Finance & Retirement

Nolo’s Plain-English Law Dictionary. . 2009.

Truth in Lending Act
n.
   a federal statute which requires a commercial lender (bank, savings and loan, mortgage broker) to give a borrower exact information on interest rates and a three-day period in which the borrower may compare and consider competitive terms and cancel the loan agreement.

Law dictionary. . 2013.

Look at other dictionaries:

  • truth-in-lending act — n. A federal law requiring lenders to reveal to consumers applying for commercial credit the true cost of that credit, in order to enable consumers to shop around for the most favorable credit terms. The Essential Law Dictionary. Sphinx… …   Law dictionary

  • Truth in Lending Act — ˌTruth in ˈLending ˌAct noun LAW in the US, a law under which moneylender S such as banks must tell borrowers the real cost of credit, including all charges, so they can decide which lender offers the best deal. It also gives borrowers who decide …   Financial and business terms

  • Truth in Lending Act — The Truth in Lending Act (TILA) of 1968 is a United States federal law designed to protect consumers in credit transactions by requiring clear disclosure of key terms of the lending arrangement and all costs. The statute is contained in title I… …   Wikipedia

  • Truth-in-Lending Act — The purpose of the Truth in Lending Act (15 U.S.C.A. No. 1601 et seq.) is to assure that every customer who has need for consumer credit is given meaningful information with respect to the cost of that credit. In most cases the credit cost must… …   Black's law dictionary

  • Truth in Lending Act — The purpose of the Truth in Lending Act (15 U.S.C.A. No. 1601 et seq.) is to assure that every customer who has need for consumer credit is given meaningful information with respect to the cost of that credit. In most cases the credit cost must… …   Black's law dictionary

  • Truth in Lending Act — US consumer protection legislation, dating from 1969, that required lenders to state how they calculated interest on loans and other charges and to express them as an annual percentage rate The Act also allows the borrower a cooling off period,… …   Big dictionary of business and management

  • Truth in Lending Act — /ˌtru:θ ɪn lendɪŋ ækt/ noun a US Act of 1969, which forces lenders to state the full terms of their interest rates to borrowers …   Dictionary of banking and finance

  • Truth-in-Lending Act — A Federal statute that governs a number of practices related to bank loans especially, but not only, consumer loans. The Federal Reserve Board of Governors has adopted Regulation Z to implement this statute. The regulation has specific… …   Financial and business terms

  • Truth in Lending Act — (TILA)    A federal law that requires a commercial lender (e.g., bank, savings and loan, mortgage broker, credit card company) to give a prospective borrower exact information on interest rates and due dates and amounts, as well as a three day… …   Business law dictionary

  • Truth In Lending Act - TILA — A federal law enacted in 1968 with the intention of protecting consumers in their dealings with lenders and creditors. The Truth in Lending Act was implemented by the Federal Reserve through a series of regulations. The most important aspects of… …   Investment dictionary

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