The Truth in Lending Act is a United States federal law enacted in 1968 that requires lenders to disclose the terms and costs of consumer credit, including the annual percentage rate, finance charges, and total repayment amount, in a standardized format. It is implemented through the Federal Reserve's Regulation Z, with rulemaking authority later transferred to the Consumer Financial Protection Bureau. The law is intended to protect consumers by allowing them to compare credit terms across different lenders before entering into a loan agreement.
Facts
EraSourced to the subject's own account Promulgated BySourced to the subject's own accountUnited States Congress. 1 Jurisdiction ScopeSourced to the subject's own accountUnited States federal law, nationwide. 1 Regulatory DomainSourced to the subject's own accountConsumer credit cost and terms disclosure. 1 Classification
Legal StatusSourced to the subject's own account Jurisdiction Scope
Jurisdiction Scope (category)Sourced to the subject's own account Era
Era (category)Sourced to the subject's own account20th Century (1900-1999) 1 Connections
Associated With
both are core US consumer credit protection statutes implemented via Regulation Z and Regulation V
In Legal System
United States federal statute, within the common law tradition.
Source Major Legal Systems in the World TodayRene David and John E.C. Brierley
Sources
1. Truth in Lending Act (Wikipedia)
WikipediaLead paragraph (era)
The Truth in Lending Act (TILA) of 1968 is a United States federal law designed to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed.
Lead paragraph (promulgated-by)
The Truth in Lending Act (TILA) of 1968 is a United States federal law designed to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed.
Lead paragraph (jurisdiction-scope)
The Truth in Lending Act (TILA) of 1968 is a United States federal law designed to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed.
Lead paragraph (regulatory-domain)
The Truth in Lending Act (TILA) of 1968 is a United States federal law designed to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed.
In Group: United States Financial and Securities Statutes and Rules, Introduction, sentence 1
The Truth in Lending Act (TILA) of 1968 is a United States federal law designed to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed.
View the Source Major Legal Systems in the World Today
Rene David and John E.C. Brierley, Stevens and Sons, 1985In Legal System: Law of the United States
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