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The Truth in Lending Act (TILA), also known as Regulation Z, requires lenders to disclose clear and accurate information about the terms and costs of credit to consumers. This includes providing details such as the annual percentage rate (APR), finance charges, and the total cost of the loan. TILA aims to promote informed consumer decision-making and prevent deceptive lending practices by ensuring that borrowers understand the true cost of borrowing. Additionally, it mandates certain protections for consumers, including the right to cancel certain types of loans within a specified period.

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2w ago

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