Definitions for "TRUTH-IN-LENDING LAW"
The Truth-In-Lending Act (PL 90-321; 15 USC 1601 et seq.). Part of the Consumer Credit Protection Act, a federal law that requires lenders to provide full written disclosure of credit terms and conditions, the finance charge, the annual percentage rate and other charges incurred in a loan contract.
A federal law designed to show a borrower the total cost of a loan. The annual percentage rate (APR) is the term used to disclose the effective rate of interest.
A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage, including the annual percentage rate (APR) and other charges.()
Provision that requires lenders to reveal the actual costs of borrowing.