Truth In Lending Act (TILA) at Legal Glossary

What is it? A federal law that requires credit and charge card companies to disclose interest rates and other information about an account. It also requires lenders to disclose the terms of a loan, including the total amount of the loan, the annual interest rate and the number, amount and due dates of all payments necessary to repay the loan. The TILA requires additional disclosures and places many restrictions on mortgages.

Law Definition Added By: Claire

Send To Friends!

If you'd like to send the Truth In Lending Act (TILA) definition to yourself or to your friends/colleagues, just enter the e-mail addresses in the boxes below -

We hope you now understand the meaning of Truth In Lending Act (TILA). If you need any more information on this term, please don't hesitate to contact us.

Other Similar Legal Terms:

Law Terms chambers is A fancy word for a judges office. Trial court judges often schedule pre-trial settlement conferences and other informal meetings in chambers.

Law Terms URL is See Uniform Resource Locator.

Law Terms trustee powers is The provisions in a trust document defining what the trustee may and may not do.

Law Terms frolic is An employee detour that is so far removed from the purposes of employment that the employer will not be liable for any injury he causes while on the trip. For example, the U.S. Postal Service would not have been responsible for any injuries caused by Seinfelds Newman and Kramer when they used a U.S. Postal Service truck to cart bottles to Michigan for recycling.

Law Terms pain and suffering is The physical or emotional distress resulting from an injury. Though the concept is somewhat abstract, the injured plaintiff can seek compensation in the form of cold, hard cash. How much the defendant owes for pain and suffering is calculated separately from the amount owing for more direct expenses, such as medical bills or time lost from work -- although sometimes these are factored in to arrive at a logical figure.