Truth-in-Lending Act

Definition of "Truth-in-Lending Act"
  1. A federal law mandating lenders to provide borrowers with accurate information on interest rates as well as granting them a three-day timeframe for reconsideration
How to use "Truth-in-Lending Act" in a sentence
  1. The Truth-in-Lending Act ensured that she was informed of the exact interest rates for her loan.
  2. Because of the Truth-in-Lending Act, the borrower was allowed a three days period to reconsider his decision.
  3. The lender complied with the Truth-in-Lending Act by clearly detailing the loan's interest rates.

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