Section 35 Truth in Lending Act

• Library: Consumer Law and Practice 2010

TILA, along with Regulation Z, 12 C.F.R. pt. 226, requires the accurate disclosure of material terms in a specified manner. TILA applies to consumer credit transactions. Consumer is defined as a natural person. 12 C.F.R. § 226.2(a)(11). TILA does not cover accommodation parties. As defined by TILA, credit is "the right to defer payment of debt or to incur debt and defer its payment." 12 C.F.R. § 226.2(a)(14). Consumer credit is credit, under TILA, "offered or extended to a consumer primarily for personal, family, or household purposes." 12 C.F.R. § 226.2(a)(12). The term "creditor" is defined in 15 U.S.C. § 1602(f) and 12 C.F.R. §...