History of American Business
The Truth in Lending Act (TILA) is a federal law enacted in 1968 to promote informed use of consumer credit by requiring disclosures about its terms and cost. This law ensures that consumers are provided with clear and accurate information about the credit terms, helping them understand the true cost of borrowing. By mandating standardized disclosures, TILA plays a crucial role in fostering transparency in financial transactions and protecting consumers from deceptive lending practices.
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