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Truth in Lending Act

Term · Law · MLC-T-LAW-005012

A federal statute, abbreviated TILA, designed to protect consumers in credit transactions by requiring clear disclosure of key terms and costs. It mandates that lenders provide information such as the annual percentage rate (APR), finance charges, amount financed, and total payments. TILA applies to most types of consumer credit, including mortgages, credit cards, and car loans, and is implemented by Regulation Z.

Table 1. Record
IdentifierMLC-T-LAW-005012
FieldLaw
AbbreviationTILA
Record as JSON 
{
  "id": "MLC-T-LAW-005012",
  "term": "Truth in Lending Act",
  "field": "Law",
  "definition": "A federal statute, abbreviated TILA, designed to protect consumers in credit transactions by requiring clear disclosure of key terms and costs. It mandates that lenders provide information such as the annual percentage rate (APR), finance charges, amount financed, and total payments. TILA applies to most types of consumer credit, including mortgages, credit cards, and car loans, and is implemented by Regulation Z.",
  "abbreviation": "TILA",
  "url": "https://mlchart.com/terminology/law/truth-in-lending-act/"
}

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