Final answer:
The Truth in Lending Act (TILA) applies to a wide range of consumer credit transactions. It requires lenders to disclose key terms and costs of borrowing. TILA applies to individuals or businesses that offer or extend credit to consumers on a regular basis.
Step-by-step explanation:
The Truth in Lending Act (TILA) applies to a wide range of consumer credit transactions. The Truth in Lending Act (TILA) applies to a wide range of consumer credit transactions. It requires lenders to disclose key terms and costs of borrowing. TILA applies to individuals or businesses that offer or extend credit to consumers on a regular basis.
It is a federal law in the United States that is designed to promote the informed use of consumer credit by requiring lenders to disclose key terms and costs of borrowing. TILA applies to individuals or businesses that offer or extend credit to consumers on a regular basis.
This includes banks, credit unions, mortgage lenders, finance companies, and certain merchants who offer credit to their customers. TILA also covers various types of credit, such as mortgages, credit cards, car loans, personal loans, and student loans.