The Consumer Credit Protection Act requires that lenders clearly explain consumer credit costs and prohibited them from charging overly high-priced credit transactions.

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The Consumer Credit Protection Act, passed in 1968, includes several provisions to protect consumers in credit transactions. One of these is the requirement for lenders to provide clear and accurate information about the costs associated with borrowing money. The Act also prohibits lenders from engaging in certain unfair or deceptive practices, including charging excessively high interest rates or fees.

The Consumer Credit Protection Act Requires That Lenders Clearly Explain