In a transaction subject to the Truth-in-Lending Act, the terms of a credit instrument must be fully disclosed.

Question

In a transaction subject to the Truth-in-Lending Act, the terms of a credit instrument must be fully disclosed.​

Quizplus · Accepted Answer

The Truth-in-Lending Act requires lenders to fully disclose the terms of a credit transaction to the borrower, including the APR, finance charges, and other key information. This is intended to provide transparency and ensure that consumers understand the costs associated with borrowing money. Failure to comply with the Truth-in-Lending Act can result in legal consequences for the lender.

In a Transaction Subject to the Truth-In-Lending Act, the Terms