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Truth in Lending Act

   Also found in: Legal, Acronyms, Wikipedia 0.04 sec.
Truth in Lending Act

Title I of the Consumer Credit Protection Act.It is a federal law that requires lenders to make certain disclosures to potential borrowers within 3 days after receipt of a written loan application.A final disclosure statement is provided at the time of loan closing.The disclosure is required to be in a specific format and must include the following information:

1. Name and address of creditor
2. Amount financed
3. Itemization of amount financed (optional, if a good-faith estimate is provided)
4. Finance charge
5. Annual percentage rate (APR)
6. Variable-rate information
7. Payment schedule
8. Total of payments
9. Demand feature
10. Total sales price
11. Prepayment policy
12. Late payment policy
13. Security interest
14. Insurance requirements
15. Certain security interest charges
16. Contract reference
17. Assumption policy
18. Required deposit information



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