Section 4 Truth in Lending Act and Regulation Z
| Library | Consumer Law and Practice 2010 |
Several key federal laws may protect those needing to finance home repairs. The first is TILA (Truth in Lending Act), 15 U.S.C. § 1601 et seq., and Regulation Z, 12 C.F.R. pt. 226. Because it is in the borrower's best interest to know beforehand what the loan will cost, TILA mandates that creditors provide meaningful disclosures about the terms of consumer loans. 15 U.S.C. § 1602. The disclosures mandated by TILA depend on whether the contract is an open-ended or a closed-ended consumer transaction. Generally, the finance charges and APR (annual percentage rate) must be disclosed along with the amount...
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