Truth in Lending Act
- (TILA)A federal law that requires a commercial lender (e.g., bank, savings and loan, mortgage broker, credit card company) to give a prospective borrower exact information on interest rates and due dates and amounts, as well as a three-day period during which the borrower may consider competitive terms and cancel the loan agreement.
Business law dictionary. 2015.
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Truth in Lending Act — (TILA) A federal law that requires lenders to disclose the true cost of credit transactions by providing certain information to borrowers, including the terms of a loan, interest rates, and the number, amount, and due dates of all payments… … Law dictionary
truth-in-lending act — n. A federal law requiring lenders to reveal to consumers applying for commercial credit the true cost of that credit, in order to enable consumers to shop around for the most favorable credit terms. The Essential Law Dictionary. Sphinx… … Law dictionary
Truth in Lending Act — ˌTruth in ˈLending ˌAct noun LAW in the US, a law under which moneylender S such as banks must tell borrowers the real cost of credit, including all charges, so they can decide which lender offers the best deal. It also gives borrowers who decide … Financial and business terms
Truth in Lending Act — The Truth in Lending Act (TILA) of 1968 is a United States federal law designed to protect consumers in credit transactions by requiring clear disclosure of key terms of the lending arrangement and all costs. The statute is contained in title I… … Wikipedia
Truth-in-Lending Act — The purpose of the Truth in Lending Act (15 U.S.C.A. No. 1601 et seq.) is to assure that every customer who has need for consumer credit is given meaningful information with respect to the cost of that credit. In most cases the credit cost must… … Black's law dictionary
Truth in Lending Act — The purpose of the Truth in Lending Act (15 U.S.C.A. No. 1601 et seq.) is to assure that every customer who has need for consumer credit is given meaningful information with respect to the cost of that credit. In most cases the credit cost must… … Black's law dictionary
Truth in Lending Act — Fin in the United States, a law requiring lenders to disclose the terms of their credit offers accurately so that consumers are not misled and are able to compare the various credit terms available. The Truth in Lending Act requires lenders to… … The ultimate business dictionary
Truth in Lending Act — US consumer protection legislation, dating from 1969, that required lenders to state how they calculated interest on loans and other charges and to express them as an annual percentage rate The Act also allows the borrower a cooling off period,… … Big dictionary of business and management
Truth in Lending Act — /ˌtru:θ ɪn lendɪŋ ækt/ noun a US Act of 1969, which forces lenders to state the full terms of their interest rates to borrowers … Dictionary of banking and finance
Truth-in-Lending Act — A Federal statute that governs a number of practices related to bank loans especially, but not only, consumer loans. The Federal Reserve Board of Governors has adopted Regulation Z to implement this statute. The regulation has specific… … Financial and business terms