TILA
Government & Politics abbreviation · US Law
| Stands for | Truth in Lending Act |
|---|---|
| Categories | Government & Politics |
TILA stands for Truth in Lending Act, a US law abbreviation.
Requires lenders to disclose the annual percentage rate, finance charges and other key terms of consumer credit in standard form, so borrowers can compare offers. It also gives homeowners a three-day right to cancel certain refinances and home equity loans.
Example: The TILA disclosure shows an APR of 7.1 percent, higher than the note rate because of fees.
Usage notes
Enacted in 1968 as Title I of the Consumer Credit Protection Act and implemented by the Federal Reserve's, now the CFPB's, Regulation Z. The Credit CARD Act of 2009 amended it to restrict credit card rate increases and fees. Mortgage disclosures under TILA and RESPA were combined into the Loan Estimate and Closing Disclosure in 2015.
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