Disclosure Statement
1. A document given to a potential borrower by a lender stating all the terms of the loan. This includes the interest rate, the length of the loan, and any applicable fees. Lenders are required to provide disclosure statements. See also: Truth in Lending Act.
2. A document given to a potential IRA account holder stating all the terms of the IRA. This includes the rules, penalties, and applicable fees associated with the IRA. IRA providers are required to provide disclosure statements and give the account holder seven days to opt out of the account with no penalties.
2. A document given to a potential IRA account holder stating all the terms of the IRA. This includes the rules, penalties, and applicable fees associated with the IRA. IRA providers are required to provide disclosure statements and give the account holder seven days to opt out of the account with no penalties.
disclosure statement
(1) Also called the Reg-Z box, information required by Regulation Z of the federal Truth in Lending Act.(2) Any other federally required or state-required document designed to inform consumers of rights,responsibilities,or property defects.
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