Which of the following statements about the Truth-in-Lending Act is (are) true?
A) it limits the interest rates that may be charged
B) it prohibits the use of appraisal fees
C) it does not apply to many loans over $25,000
D) it requires all consumers be offered identical credit terms
E) all of the other choices are true

Question

Quizplus · Accepted Answer

The Truth-in-Lending Act does not apply to many loans over $25,000, as it mainly focuses on consumer credit transactions that involve loans of $25,000 or less. Choices A, B, and D are incorrect as the act does not limit interest rates, does not prohibit the use of appraisal fees, and does not require all consumers to be offered identical credit terms. Therefore, choice E is also not correct.

Which of the Following Statements About the Truth-In-Lending Act Is