Truth in Lending Act (TILA)

Posted by kevin on March 11, 2010 under Foreclosure Blog | Comments are off for this article

The Truth in Lending Act, known as TILA, was enacted in 1968.  TILA is primarily a disclosure statute.

TILA applies to individuals or businesses that offer or extend credit under the following circumstances:

  • the credit is offered or extended to a consumer (as opposed to a business)
  • the offer or extension of credit is done on a regular basis
  • the credit is subject to a finance charge or is payable by a written agreement in more than 4 installments; and
  • the credit is primarily for personal, family or household purposes.

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