Which of the following statements express the purpose of the Truth-in-Lending Act?
A)To require lenders to charge a "reasonable" rate of interest
B)To regulate interest rates and terms of loans
C)To provide consumers with information necessary to make the best credit decision
D)To help lenders limit state laws

Question

Quizplus · Accepted Answer

The purpose of the Truth-in-Lending Act is to provide consumers with information necessary to make the best credit decision. It requires lenders to disclose important information about the terms and costs of borrowing so that borrowers can understand the true cost of credit and compare different credit offers. It does not regulate interest rates or require lenders to charge a "reasonable" rate, nor does it help lenders limit state laws.

Which of the Following Statements Express the Purpose of the Truth-In-Lending