Truth In Lending

Consumers are often misled as to their legal rights and obligations by more sophisticated parties. At Wilson Law Group, we level the playing field through application of various consumer protection statutes and regulations. This is the first post in an ongoing series briefly summarizing existing consumer protection laws.

The Federal Truth in Lending Act (TILA), 15 USC 1601 et. seq., seeks to assure meaningful disclosure of credit terms and conditions to consumers. This theoretically enables the consumer to shop for the best credit terms on the market, as each potential creditor provides accurate costs and benefits of their proposed transaction to the consumer.

In practice, however, these disclosures are often delayed, inaccurate, or wholly unavailable to the consumer prior to consumation of the transaction. TILA applies to most consumer credit transactions and was specifically enacted to ensure accurate and meaningful disclosure of the charges involved in a transaction, allowing consumers to make their own decisions about obtaining a loan.

A lender’s failure to comply with the requirements of TILA may be grounds for a lawsuit. Wilson Law Group stands ready to enforce the purpose and provisions of these vital laws for its clients.

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