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An owner advertised "beautiful acreage only $5,000 down, owner will personally finance down payment." Would this be in violation of the Truth in Lending Act?
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An owner advertised "beautiful acreage only $5,000 down, owner will personally finance down payment." Would this be in violation of the Truth in Lending Act?

User Milad Teimouri
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1 Answer

2 votes

Answer:

No, owners are not covered by the Truth in Lending Act.

Step-by-step explanation:

Based on this scenario it can be said that No, owners are not covered by the Truth in Lending Act. This regulation basically requires that all financing terms and conditions are disclosed if any such aspect like a low-interest rate, downpayment or other enticement is featured in the advertisement. Even though this is the case in this scenario, the Truth in Lending Act does not apply to individuals selling their own property and therefore does not apply in this situation.

User Albert Ruelan
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