Truth In Lending ActPersonal Finance
Note: This section is only for the United States of America. For rules in areas outside of the United States, please research your local regulations.
The Truth in Lending Act is a 1968 federal law created to protect consumers by forcing lenders to deliver correct information to potential borrowers about their loans. The debtor must be given the following information accurately within loan documentation or offerings.
- 15 Day minimum notice on rate changes, Fixed or Variable,
- Amount of Minimum Payments,
- Annual fees,
- Financial Charges in Annual Percentage Rate and liquid currency terms,
- Insurance costs or fees related to credit,
- Length of Grace Periods provided,
- Provider of credit or loan issuer,
- And the size of the credit line.
The information provided is subject to change. Fortunately for you and other consumers, there can only be an increase in information required by law, never a decrease. States and varying categories of loans may independently require higher amounts of disclosed information.
You should note that the Truth in Lending Act does not protect all forms of financing. They do extend to the most common types of borrowing. This includes home loans, vehicle loans, credit cards, payday loans, and most types of private funding.
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