Index
Truth in Lending Act (TILA)
Summary
A law designed to promote the informed use of consumer credit by requiring disclosures about its terms and cost.
Rights & Rules
- 01.Lenders must disclose the Annual Percentage Rate (APR) and finance charges in a clear format.
- 02.For certain home-related loans, you have 3 days to cancel the deal (right of rescission).
- 03.You are protected against unfair credit card billing practices.
Penalties
- 01.Twice the amount of the finance charge (within certain limits).
- 02.Actual damages sustained.
- 03.Criminal penalties for willful and knowing violations (up to $5,000 fine or 1 year in jail).
Verified Citations
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