Which of the following best expresses the policy behind the Truth-in-Lending Act?
A) To help borrowers by requiring lenders to charge a "reasonable" rate of interest as determined by the Federal Reserve Board.
B) To help small business by requiring that lenders not use as collateral for secured loans a business's most important assets.
C) To help debtors for loans for personal, family, or household purpose to be armed with the necessary information on a loan to better bargain for credit and to choose the creditor with the best terms.
D) To help lenders by permitting them to investigate a person's credit history without having to worry about state libel laws.

Question

Quizplus · Accepted Answer

The Truth-in-Lending Act is designed to ensure that credit terms are disclosed in a clear and meaningful way, allowing consumers to compare credit terms more readily and knowledgeably. It does not regulate interest rates or collateral requirements directly, nor does it primarily aim to protect lenders' interests in the context of credit history investigations.

Which of the Following Best Expresses the Policy Behind the Truth-In-Lending