Truth In Lending Act

Truth in Lending Act (15 U.S.C. §§ 1601-1667f, as amended) was enacted in 1968 with the idea of protecting consumers when they are dealing with creditors and lenders.

One of the most important points of this Act concerns the specific information which must be disclosed to a borrower before finalizing any credit or loan agreement. This information includes: the annual percentage rate (APR), the exact terms of the loan, and the total cost of the loan to the borrower. All of this must be conspicuously noted on all loan documents presented to the consumer before signing.

The Truth in Lending Act applies to all types of credit. Closed-end credit, such as auto loans and mortgages, is covered as well as open-ended credit, such as credit cards.

More specifics of the Truth in Lending Act are as follows:

This Act (Title I of the Consumer Credit Protection Act) vests the Commission with responsibility for assuring compliance by most non-depository entities with a variety of statutory provisions. Specifically, the Act requires all creditors who deal with consumers to make certain written disclosures concerning all finance charges and related aspects of credit transactions (including disclosing an annual percentage rate). The Act also establishes a three-day right of rescission in certain transactions involving the establishment of a security interest in the consumer's residence (with certain exclusions, such as interests taken in connection with the purchase or initial construction of a dwelling). The Act also establishes certain requirements for advertisers of credit terms. A number of later laws (see below) made substantial amendments to this Act.

Fair Credit Billing Act (15 U.S.C. 1666-1666j)

This Act, amending the Truth in Lending Act, requires prompt written acknowledgment of consumer billing complaints and investigation of billing errors by creditors. The amendment prohibits creditors from taking actions that adversely affect the consumer's credit standing until an investigation is completed, and affords other protection during disputes. The amendment also requires that creditors promptly post payments to the consumer's account and either refund overpayments or credit them to the consumer's account.

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