Asked by Chantal Taylor on May 12, 2024
Verified
The Truth-in-Lending Act applies to a loan between two consumers because in that transaction, the lender is a person who in the ordinary course of business is extending credit.
Truth-In-Lending Act
is a federal law designed to protect consumers in their dealings with lenders and creditors by requiring clear disclosure of key terms of the lending arrangement and all costs.
Loan Between Two Consumers
A financial agreement in which one consumer lends money to another consumer without the involvement of traditional financial institutions.
Extending Credit
The practice of allowing a buyer to purchase goods or services now and pay for them later.
- Comprehend the utilization of federal and state laws designed to protect consumers.
Verified Answer
Learning Objectives
- Comprehend the utilization of federal and state laws designed to protect consumers.
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