Question

Type the correct answer in the box. Spell all words correctly.
Which act was designed to promote the use of consumer credit by requiring lenders to fully disclose the terms and conditions of any credit agreement?

_[blank]__ Act was designed to promote the use of consumer credit by requiring lenders to fully disclose the terms and conditions of any credit agreement.

Answer 1

Answer:

The truth in Lending Act

Explanation:

The Truth in Lending Act (TILA) helps protect consumers from unfair credit practices by requiring creditors and lenders to pre-disclose to borrowers certain terms, limitations, and provisions—such as the APR, duration of the loan, and the total costs—of a credit agreement or loan.