The purpose of the Truth In Lending Act, passed in 1968, is to standardize the disclosures made to borrowers concerning the terms of a loan, most notably in the way costs are calculated. The Act prescribes that a Truth In Lending Disclosure Statement - which includes the amount financed - be provided to the consumer within three days of applying for a loan. The Statement enables borrowers to compare the costs of loans among different lenders.
Investment dictionary. Academic. 2012.
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