Truth in Lending Act (TILA)
By: Madeline Schuldes and Bailey Bungert
Aspects of Act
Some aspects of the act that must be disclosed to a borrower prior to it's extending credit are the APR, term of the loan and total costs. There is no liability under the act for the media where the advertisements appear. However, the media can protect their customers by screening the advertisements to check if they're following the law.
Before the Act
Before the Act the credit companies were able to use false or the most attractive credit information to trick a buyer into thinking it was a great deal. After the act was passed the advertisement has to tell the whole story. The credit companies tried to scam the costumers to get more money.
Anyone who uses credit are affected by this act to protect them from false advertisements