Asked by Gaoussou Doucoure on Jul 03, 2024
Verified
The purpose of the Truth in Lending Act is to require sellers disclose loan and/or credit terms to consumers.
Truth in Lending Act
A federal law designed to promote informed use of consumer credit by requiring disclosures about its terms and cost.
Credit Terms
Conditions under which credit is extended by a lender to a borrower, including interest rates, repayment schedule, and other critical terms of the credit agreement.
- Acknowledge consumer rights provided by specific laws, including the Equal Credit Opportunity Act and the Truth in Lending Act.
Verified Answer
MI
Mahira IrfanJul 03, 2024
Final Answer :
True
Explanation :
The Truth in Lending Act (TILA) is designed to ensure that credit terms are disclosed to consumers in a clear and meaningful way, so they can compare credit terms more readily and make informed decisions about borrowing.
Learning Objectives
- Acknowledge consumer rights provided by specific laws, including the Equal Credit Opportunity Act and the Truth in Lending Act.