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
""