TRUTH IN LENDING ACT (TILA)
\tɹˈuːθ ɪn lˈɛndɪŋ ˈakt tˈiːlə], \tɹˈuːθ ɪn lˈɛndɪŋ ˈakt tˈiːlə], \t_ɹ_ˈuː_θ ɪ_n l_ˈɛ_n_d_ɪ_ŋ ˈa_k_t__ t_ˈiː_l_ə]\
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A federal law that requires credit and charge card companies to disclose interest rates and other information about an account. It also requires lenders to disclose the terms of a loan, including the total amount of the loan, the annual interest rate and the number, amount and due dates of all payments necessary to repay the loan. The TILA requires additional disclosures and places many restrictions on mortgages.
By Oddity Software
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Nearby Words
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