Truth-in-Lending Act

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 requirements giving some borrowers the right to rescind certain loans and very specific requirements about how banks must disclose rescission rights. The regulation also includes very detailed requirements for calculating and disclosing annual percentage rates for many loans.
See annual percentage rate and rescission. American Banker Glossary

Financial and business terms. 2012.

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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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  • Truth in Lending Act — /ˌtru:θ ɪn lendɪŋ ækt/ noun a US Act of 1969, which forces lenders to state the full terms of their interest rates to borrowers …   Dictionary of banking and finance

  • 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

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