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.