Legal Aspects of Management
The Truth in Lending Act (TILA) is a federal law designed to promote informed use of consumer credit by requiring clear disclosure of key terms and costs associated with lending. It aims to protect consumers from misleading information and unfair practices, ensuring they understand the true cost of borrowing before they enter into credit agreements. By mandating transparency in lending, TILA fosters fair competition among lenders and empowers consumers to make informed financial decisions.
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