Printer Friendly
The Free Dictionary
988,270,624 visitors served.
?
Dictionary/
thesaurus
Medical
dictionary
Legal
dictionary
Financial
dictionary
Acronyms
 
Idioms
Encyclopedia
Wikipedia
encyclopedia
?

Truth in Lending Act
(redirected from Truth-in-Lending Act)

   Also found in: Wikipedia 0.07 sec.

The Truth in Lending Act is contained in Title I of the Consumer Credit Protection Act (15 U.S.C.A. § 1601 et seq.). The CCPA is designed to assure that every customer who needs Consumer Credit is given meaningful information concerning the cost of such credit. The Truth in Lending Act requires that the terms in transactions involving consumer credit be fully explained to the prospective debtors. It sets forth three basic rules: (1) a creditor cannot advertise a deal that ordinarily is not available to anyone except a preferred borrower; (2) advertisements must contain either all of the terms of a credit transaction or none of them; and (3) if the credit is to be repaid in more than four payments, the agreement must indicate, in clear and conspicuous print, that "the cost of credit is included in the price quoted for the goods and services." This law does not impose regulations upon the advertising media, only upon the prospective creditor.

Cross-references

Consumer Protection.


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.


?Page tools
Printer friendly
Cite / link
Email
Feedback
Add definition
? References in periodicals archive
CRAx can be combined with Mavent's other real-time compliance reviews--including truth-in-lending act (TILA), anti-predatory lending, broker and lender licensing, state consumer credit laws, Home Mortgage Disclosures Act (HMDA) and Office of Foreign Asset Control (OFAC)--to ensure originations and purchases comply with applicable law and investor policies.
68% of the loans may be subject to special rules, disclosure requirements and other provisions that were added to the federal Truth-in-Lending Act by the Home Ownership and Equity Protection Act (HOEPA) of 1994.
35% of the loans may be subject to special rules, disclosure requirements and other provisions that were added to the federal Truth-in-Lending Act by the Home Ownership and Equity Protection Act of 1994, or HOEPA.
 
Legal browser? ? Full browser
 
 
Legal Dictionary
?

Disclaimer | Privacy policy | Feedback | Copyright © 2008 Farlex, Inc.
All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional. Terms of Use.