In order to come within the scope of the Truth-in-Lending Act, a loan must be in the amount of $50,000 or less unless it is secured by a mortgage on real estate.
Answer: Option B
Explanation:
Truth in lending act is the act which was passed for the protection of the consumers to provide them with the credit that they require. The amount for which the loan is to be given to the consumers should not cross $50000 if it has to be under the scope of the truth in lending act. If more loan is required, then the consumer should mortgage a real estate property which is possessed by him for a higher amount.
