What US Truth in Lending Act (15 USC ch 41 subch I): Credit Cost Disclosure, APR and the Right of Rescission requires
The Truth in Lending Act (TILA, 15 U.S.C. ch. 41, subchapter I) requires the meaningful disclosure of credit terms so that consumers can compare the cost of credit, administered chiefly by the Consumer Financial Protection Bureau. Section 1601 states the findings and the purpose of assuring a meaningful disclosure of credit terms. Section 1602 supplies the definitions, including creditor, consumer credit and finance charge. Section 1603 lists the transactions exempted from the subchapter. Section 1604 directs the issuance of disclosure rules and model forms. Section 1605 governs the determination of the finance charge, the sum of all charges payable as a condition of the extension of credit. Section 1606 governs the determination of the annual percentage rate, the measure that allows consumers to compare credit offers. Section 1607 provides for administrative enforcement by the relevant agencies. The Act also confers substantive rights and remedies: section 1635 gives a consumer the right to rescind certain credit transactions secured by the principal dwelling within three business days, and section 1640 provides civil liability for violations, including actual damages, statutory damages, and costs and attorney fees. The Act is the legal foundation of US consumer-credit cost disclosure and the basis of most lending-disclosure litigation.
Pillar: Banking & Global Finance · Authority: US Congress / Consumer Financial Protection Bureau (CFPB) · Version: 1.0.0 · Last updated:
Primary source: https://www.govinfo.gov/content/pkg/USCODE-2022-title15/html/USCODE-2022-title15-chap41.htm
SHA-256 integrity: e488b1b6a74c7c4352b84558807977844ab6ac4b2345c2f02c06551be1b05af2
Primary Citations — 8 traced to source
- Truth in Lending Act, 15 U.S.C. 1601 - congressional findings and declaration of purpose.
- Truth in Lending Act, 15 U.S.C. 1602 - definitions and rules of construction.
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