Teri borrows $10,000 from USA National Bank to remodel a room in her home. This transaction is subject to

Name: Teri borrows $10,000 from USA National Bank to remodel a room in her home. This transaction is subject to
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The Truth-in-Lending Act (TILA) is a federal law that requires lenders to disclose the full terms and cost of credit, including the annual percentage rate (APR), finance charges, and loan repayment terms. Since Teri is borrowing money from a bank, the transaction is subject to TILA.

Teri Borrows $10,000 from USA National Bank to Remodel a Room