Question

The Truth in Lending Act (TILA) requires the disclosure of finance charges if allowing a patient to pay in more than _____ installments.

Select one:
a.four
b.two
c.eight
d.six

Answer 1

The Truth in Lending Act requires that finance charges be disclosed if a payment plan exceeds four installments.

Step-by-step explanation:

The question pertains to the Truth in Lending Act (TILA), a United States federal law designed to promote the informed use of consumer credit by requiring disclosures about its terms and cost. The TILA stipulates that lenders must disclose finance charges when a consumer is allowed to pay in more than a certain number of installments. According to the TILA, lenders must provide disclosure of finance charges if a plan allows a patient to pay in more than four installments.