The Truth in Lending Act provides requires that creditors make certain disclosures when a consumer is applying for a loan or credit card. The Act applies to a creditor when four requirements are met:
The act does not apply to:
A creditor must make the following disclosures:
For open-ended credit transactions, such as home equity lines or bank credit cards, extra disclosures need to be made:
Creditors are liable for not meeting all of the disclosure requirements, even if the consumer is not harmed by the creditor’s failure to disclosure. However, there are two exceptions:
If your creditor has not made sufficient disclosures, you may be entitled money damages. You should consult with a consumer protection lawyer who will be able to advise you of your rights and options.
Last Modified: 04-12-2018 05:31 PM PDT
Law Library DisclaimerWe've helped more than 4 million clients find the right lawyer – for free. Present your case online in minutes. LegalMatch matches you to pre-screened lawyers in your city or county based on the specifics of your case. Within 24 hours experienced local lawyers review it and evaluate if you have a solid case. If so, attorneys respond with an offer to represent you that includes a full attorney profile with details on their fee structure, background, and ratings by other LegalMatch users so you can decide if they're the right lawyer for you.