LeoGlossary: Truth in Lending Act (TILA)

A Federal law that requires lenders to provide standardized information so that borrowers can compare loan terms.

It must include:

• what credit will cost the borrowers,
• when charges will be imposed, and
• what the borrower's rights are as a consumer

It is designed to protect you against inaccurate and unfair credit billing and credit card practices.

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