Truth in Lending Act (TILA) (TILA)

The Truth in Lending Act is a Federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on

• what credit will cost the borrowers,
• when charges will be imposed, and
• what the borrower's rights are as a consumer.

The Truth in Lending Act is a Federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on: what credit will cost the borrowers, when charges will be imposed, and what the borrower's rights are as a consumer.

A Federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, financial institutions must provide information on:

1. what credit will cost the borrower,
2. when charges will be imposed, and
3. what the borrower's rights are as a consumer.

Federal law which requires a truth in lending statement to be disclosed for consumer loans. This statement would include disclosure of the annual percentage rate, or APR, as well as other facets of the mortgage program. The law also requires the right of recission period which follows the closings of refinances.

Federal law that requires disclosure of a truth-in-lending statement for consumer loans. The statement includes a summary of the total cost of credit, such as the APR and other specifics of the loan.