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Consumer Credit Protection Act of 1968 |
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Consumer Credit Protection Act of 1968 Federal legislation establishing rules for the disclosure of the terms of a loan to protect borrowers. See: Truth in lending. Consumer Credit Protection Act of 1968 Legislation in the United States requiring lenders to disclose to potential borrowers all terms of loans, including, but not limited to, the interest rates, applicable fees, and the length of loans. The Act also allows consumers to cancel some credit transactions that require a lien to be placed on the consumer's primary residence. For the most part, the Act does not place limits on the fees lenders may charge, but instead requires transparency. It is also called the Truth in Lending Act. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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