Truth in Lending Act (TILA)
Posted by kevin on March 11, 2010 under Foreclosure Blog | 
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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.
