Index
Consumer ProtectionUnited States (Federal)

Truth in Lending Act (TILA)

Summary

Promotes the informed use of consumer credit by requiring disclosures about its terms and cost.

Rights & Rules

  • 01.
    Right to receive a clear statement of the annual percentage rate (APR).
  • 02.
    Right to cancel certain credit transactions that involve a lien on your principal dwelling within three days.
  • 03.
    Right to standardized information to compare loan offers.

Penalties

  • 01.
    Civil liability for twice the amount of the finance charge
  • 02.
    Class action penalties up to $1,000,000 or 1% of the creditor's net worth
  • 03.
    Criminal fines for willful and knowing violations

Verified Citations

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