Which federal law,passed in 1969,requires creditors to state the cost of borrowing as a dollar amount?
A)Fair Credit Reporting Act
B)Fair Credit Billing Act
C)Equal Credit Opportunity Act
D)Fair Debt Collection Practices Act
E)Truth in Lending Law

Question

Quizplus · Accepted Answer

The Truth in Lending Law, passed in 1969, requires creditors to disclose the cost of borrowing in a clear, understandable way, including stating the cost as a dollar amount. This law aims to promote informed use of credit by consumers.

Which Federal Law,passed in 1969,requires Creditors to State the Cost