Index

Truth in Lending Act (TILA)

Summary

Requires lenders to provide clear and standardized disclosures about the terms and costs of credit to help consumers compare options.

Rights & Rules

  • 01.
    Right to receive clear disclosures of the Annual Percentage Rate (APR).
  • 02.
    Right to a 'cooling off' period to cancel certain credit transactions within three days.
  • 03.
    Protection against unfair credit card billing practices.

Penalties

  • 01.
    Statutory damages usually ranging from $100 to $5,000 depending on the loan type.
  • 02.
    Actual damages resulting from failure to disclose.
  • 03.
    Class action lawsuit potential for widespread violations.

Verified Citations

Truth in Lending Act

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