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 Cross-Tradition Connections
In Legal System
United States federal statute, within the common law tradition.
Sources
1. Truth in Lending Act (Wikipedia)
WikipediaLead paragraph (era)Quote, Lead 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.
1. Truth in Lending Act (Wikipedia)
WikipediaLead paragraph (promulgated-by)Quote, 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.
1. Truth in Lending Act (Wikipedia)
WikipediaLead paragraph (jurisdiction-scope)Quote, 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.
1. Truth in Lending Act (Wikipedia)
WikipediaLead paragraph (regulatory-domain)Quote, 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.
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
Reader Challenges (0 open reader challenges)
No disputes yet. Spotted an error or a better source? Open the first one.
Sign in to dispute this or suggest a correction.
View At A Past Year
The atlas records no dated fact of its own for this entry, so there is no other year to choose.