Truth in Lending Act
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The Truth in Lending Act was passed by Congress in 1968. The Act sought to protect consumers in credit transactions by requiring disclosure of key terms of the lending arrangement and related costs. The statute is contained in title I of the Consumer Credit Protection Act, as amended (15 USC 1601 et seq). Prior to TILA there were no generally required definitions of loan terms so consumers were unable to compare interest rates and other loan costs.
