Truth in Lending Act(TILA)
LawTo save this word, you'll need to log in.
15 U.S.C. § 1601 et seq. | (1968)
Legal Definition of Truth in Lending Act
required consumer credit institutions to provide customers with accurate written information about the cost of credit, including the annual percentage rate charged and the finance charges added to the loan. Sufficient information must be provided to allow the consumer to make a valid comparison of different lending institutions' loan schedules. In cases where the borrower's home is used to secure the loan, three days must be allowed for the cancellation of a signed credit agreement. The Act also prohibited the unsolicited distribution of credit cards and limited the card owner's liability in the case of lost or stolen cards. The Act was significantly amended in 2008, 2010, and 2013 in response to the housing crisis that was part of the economic recession affecting the U.S. beginning in 2007.
Comments on Truth in Lending Act
What made you want to look up Truth in Lending Act? Please tell us where you read or heard it (including the quote, if possible).
Test Your Vocabulary
Challenging Vocabulary Quiz Returns!
- Which is a synonym of fuliginous?
Can you spell these 10 commonly misspelled words?
TAKE THE QUIZ
Test Your Knowledge - and learn some interesting things along the way.
TAKE THE QUIZLove words? Need even more definitions?
Merriam-Webster unabridgedWords at Play
Ask the Editors
Word Games
Share Truth in Lending Act