Index
Consumer ProtectionUnited States (Federal)

Truth in Lending Act (TILA)

Summary

Ensures consumers are fully informed about the costs and terms of credit before entering into a loan agreement.

Rights & Rules

  • 01.
    Right to see the total cost of credit expressed as an Annual Percentage Rate (APR)
  • 02.
    Right to cancel certain loan transactions within three business days
  • 03.
    Protection against unfair credit billing practices

Penalties

  • 01.
    Civil liability for twice the amount of the finance charge
  • 02.
    Statutory damages for specific disclosure failures
  • 03.
    Criminal penalties for willful and knowing violations

Verified Citations

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