The Truth in Lending Act
The Truth in Lending Act, sometimes called the TILA, is a United States federal law passed in 1968 with the purpose of helping citizens to better understand consumer credit. In order to educate users about this option, the Truth in Lending Act requires certain disclosures about consumer credit terms and costs. These requirements help to universalize the process of calculating borrowing costs so that consumers are not taken advantage of.
If a lender fails to provide accurate information in writing before you sign a contract, you can file a Truth in Lending Act violation claim. There are two types of TILA infractions: violations for damages and violations that allow for rescission. Successful claims of either violation can offer relief to borrowers.
How Can the TILA Help You?
In addition to making the borrowing process more understandable and user friendly, TILA protects the consumer by:
- Giving you the right to cancel credit transactions with a lien on your home
- Regulating credit card practices
- Providing a means to resolve credit billing disputes
Above all, the Truth in Lending Act is designed to protect you. If you have a complaint, you can file a TILA violation claim with the help of a Cedar Rapids bankruptcy attorney.
Contact a Cedar Rapids Bankruptcy Lawyer Today
If you or a loved one is struggling with debts and feel you have been misled by creditors, the Cedar Rapids bankruptcy attorneys at Hong Law, PLC, may be able to help. Call our offices at (319) 294-5853 today to discuss your legal options.
Coralville, IA 52241
Phone: (319) 354-1804
Map to our Coralville Office