The amount of finance charge applied to late accounts by a practice must comply with which of the following?

Question

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The Truth in Lending Act requires creditors to provide consumers with the terms and costs of credit, including finance charges. It ensures that finance charges and other terms of credit are presented in a clear and understandable manner, allowing consumers to compare credit terms more easily and make informed decisions about borrowing. This act is relevant when a practice applies finance charges to late accounts, as it must comply with the regulations set forth to ensure transparency and fairness in the disclosure of credit terms.

The Amount of Finance Charge Applied to Late Accounts by a Practice