Index
Financial ProtectionUnited States (Federal)

Truth in Lending Act (TILA)

Summary

Requires lenders to provide standardized information so consumers can compare the costs of different loans and credit options.

Rights & Rules

  • 01.
    The right to clear disclosure of the cost of credit, including the APR.
  • 02.
    The right to a three-day period to cancel certain credit transactions involving a lien on a principal dwelling (Right of Rescission).

Penalties

  • 01.
    Civil liability for actual damages.
  • 02.
    Statutory penalties ranging from double the finance charge to specific caps.
  • 03.
    Criminal penalties for willful and knowing violations.

Verified Citations

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