Truth in Lending Act (TILA)

In response to abuses by lenders, banks, and credit card companies, the Truth in Lending Act (TILA) was enacted by Congress. TILA protects the consumer against inaccurate and unfair credit billing and credit card practices. It requires lenders to provide you with loan cost information so that you can comparison shop for certain types of loans. For loans covered under TILA, you have a right of rescission, which allows you three (3) days to reconsider your decision and back out of the loan process without losing any money. This right helps protect you against high-pressure sales tactics used by unscrupulous lenders. If you suffered financially due to a lender failing to disclose interest rates and/or other fees, contact Jason Shear Law for a free consultation.