Index
Lending & FinanceUnited States (Federal)

Truth in Lending Act (TILA)

Summary

TILA requires lenders to provide clear and standard disclosures about the costs and terms of credit.

Rights & Rules

  • 01.
    Right to receive clear information about interest rates and fees before signing.
  • 02.
    Right to cancel certain types of home-related loans within three business days.

Penalties

  • 01.
    Individual 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.

Verified Citations

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