Truth in Lending Act | Investor's Almanac

The Truth in Lending Act (TILA) is a federal law that promotes informed consumer credit use by requiring standardized disclosures about credit costs and terms. The law is implemented through Regulation Z, which is codified at 12 CFR 1026. TILA limits certain practices in home-equity plans and higher-priced mortgage loans. The law has undergone several amendments and updates, including the Dodd-Frank Act of 2010. The Consumer Financial Protection Bureau has recently updated its guidance on TILA compliance and has announced plans to review and update TILA regulations.