Financial Technology
The Truth in Lending Act (TILA) is a federal law enacted in 1968 that aims to promote informed consumer decision-making through the disclosure of key terms and costs associated with borrowing. It requires lenders to provide clear and concise information about credit terms, including interest rates, fees, and the total cost of credit, so that consumers can compare different loan offers and make educated choices. TILA was created in response to the growing complexity of financial products and the need for transparency in lending practices.
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