Truth in Lending Act

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.

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Look at other dictionaries:

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  • 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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  • the Truth in Lending Act — UK US noun [S] US LAW, FINANCE ► a US law to protect people borrowing money by making organizations that lend money provide information about all the costs involved: »We need stiffer penalties for violations of the Truth in Lending Act …   Financial and business terms

  • 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

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