Which federal law, passed in 1969, requires creditors to state the cost of borrowing in common language?
A) Fair Credit Reporting Act
B) Fair Credit Billing Act
C) Equal Credit Opportunity Act
D) Fair Debt Collection Practices Act
E) Truth in Lending Act

Question

Quizplus · Accepted Answer

The Truth in Lending Act was passed in 1969 and requires creditors to disclose the cost of borrowing, annual percentage rate, and other important loan terms in simple and understandable language. This law aims to protect consumers from hidden fees and confusing loan terms.

Which Federal Law, Passed in 1969, Requires Creditors to State