The Truth-in-Lending Act applies to a loan between two consumers because in that transaction, the lender is a person who in the ordinary course of business is extending credit.

Question

Quizplus · Accepted Answer

The Truth-in-Lending Act primarily applies to creditors and businesses that in the ordinary course of their business extend credit to consumers. It does not typically apply to private transactions between two consumers.

The Truth-In-Lending Act Applies to a Loan Between Two Consumers