TILA
E482928
TILA is a U.S. federal law that requires lenders to clearly disclose key terms and costs of consumer credit to promote informed borrowing and protect consumers from unfair lending practices.
Statements (49)
| Predicate | Object |
|---|---|
| instanceOf | United States federal law ⓘ |
| addresses |
predatory lending concerns
ⓘ
unfair lending practices ⓘ |
| allows | statutory damages for certain violations ⓘ |
| amendedBy |
Dodd–Frank Wall Street Reform and Consumer Protection Act
NERFINISHED
ⓘ
Fair Credit Billing Act NERFINISHED ⓘ Home Ownership and Equity Protection Act NERFINISHED ⓘ |
| appliesTo | consumer credit transactions ⓘ |
| codifiedIn | Title 15 of the United States Code ⓘ |
| contains |
civil liability provisions
ⓘ
criminal liability provisions ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| covers |
certain mortgage loans
ⓘ
closed-end credit ⓘ credit cards ⓘ open-end credit ⓘ |
| enactedBy | United States Congress ⓘ |
| enactmentDate | 1968-05-29 ⓘ |
| enforcedBy |
Consumer Financial Protection Bureau
NERFINISHED
ⓘ
federal banking regulators ⓘ state attorneys general (in certain circumstances) ⓘ |
| excludes | most business-purpose credit ⓘ |
| focusesOn |
disclosure of amount financed
ⓘ
disclosure of annual percentage rate ⓘ disclosure of finance charges ⓘ disclosure of payment schedule ⓘ disclosure of right of rescission where applicable ⓘ disclosure of total of payments ⓘ |
| implementedByRegulation | Regulation Z NERFINISHED ⓘ |
| jurisdiction |
United States of America
ⓘ
surface form:
United States
|
| policyGoal |
facilitation of credit cost comparison by consumers
ⓘ
standardization of credit cost disclosures ⓘ |
| primaryCitation | 15 U.S.C. §§ 1601 et seq. ⓘ |
| protects | consumers ⓘ |
| provides | right of rescission for certain home-secured credit transactions ⓘ |
| publicLawNumber | Public Law 90-321 NERFINISHED ⓘ |
| purpose |
to promote the informed use of consumer credit
ⓘ
to protect consumers against inaccurate and unfair credit billing and credit card practices ⓘ to require meaningful disclosure of credit terms ⓘ |
| regulatingAuthority |
Consumer Financial Protection Bureau
NERFINISHED
ⓘ
Federal Reserve Board (historically) NERFINISHED ⓘ |
| relatedConcept | Annual Percentage Rate (APR) NERFINISHED ⓘ |
| relatedRegulation | Real Estate Settlement Procedures Act NERFINISHED ⓘ |
| requires | clear disclosure of key terms and costs of consumer credit ⓘ |
| sector | consumer finance ⓘ |
| shortName | TILA NERFINISHED ⓘ |
| signedBy | Lyndon B. Johnson ⓘ |
| titleOf | Title I of the Consumer Credit Protection Act NERFINISHED ⓘ |
| typeOfRegulation | disclosure regulation ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.