Index
Consumer ProtectionUnited States

Truth in Lending Act (TILA)

Summary

Protects consumers against inaccurate and unfair credit billing and credit card practices by requiring lenders to provide standardized info about costs.

Rights & Rules

  • 01.
    Right to see the total cost of credit in writing
  • 02.
    Right to cancel certain credit transactions within three days
  • 03.
    Protection against unauthorized charges on credit cards

Penalties

  • 01.
    Statutory damages (usually double the finance charge)
  • 02.
    Actual damages
  • 03.
    Criminal penalties for willful violations (fines/imprisonment)

Verified Citations

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