"Truth in lending" was mandated under the Consumer Protection Act of 1969 and requires all lenders to reveal the annual percentage rate,or APR,on loans.

Question

Quizplus · Accepted Answer

The statement is correct. The Truth in Lending Act (TILA), which is part of the Consumer Protection Act of 1969, requires lenders to disclose the APR to consumers before they sign a loan agreement. The APR represents the true cost of borrowing money over the life of the loan, including interest and any fees associated with the loan. This allows consumers to compare loan offers from different lenders and make informed decisions about borrowing.

"Truth in Lending" Was Mandated Under the Consumer Protection Act