An important law protecting borrowers by requiring lenders to disclose the terms of a loan in clear,readily understandable language is the

Question

Quizplus · Accepted Answer

The law described in the question is the Truth-in-Lending Act, which requires lenders to disclose the terms and costs of a loan in a clear and understandable way. The Uniform Commercial Code governs commercial transactions and contracts, but does not specifically address borrower protections. The Statue of Frauds requires certain contracts to be in writing, but does not relate to loan disclosure requirements. There is no law called the Borrower Protection Act, although there may be state-specific regulations or guidelines that fall under this umbrella.

An Important Law Protecting Borrowers by Requiring Lenders to Disclose