The Truth in Lending Actis
federal law that regulates the credit market and sets minimum standards
for the information that a creditor must provide in an installment
credit contract. These include the sum being financed, the amount of
the required minimum monthly payment, the total number of monthly
payments, and the APR. The Act also specifies how the disclosures have
to be made in written materials, such as separated in bold print or set
off in a box.
The Act has several other provisions. It
prohibits credit card companies from issuing cards to people who
haven't applied for them, though the companies can send unsolicited
credit application. It limits the amount the cardholder can be charged
for unauthorized use of a credit card, and it regulates the advertising
of credit by requiring disclosure of specified information. These
disclosure requirements enable you to make accurate comparisons of
credit offers.
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