TILA

Truth in Lending Act (TILA)
The Truth in Lending Act (TILA) is a federal law designed to ensure that consumers are provided with accurate and transparent information regarding the cost of credit, allowing them to compare credit offers more effectively. It mandates commercial lenders to disclose the annual interest rate and total interest charges, and provides borrowers a three-day rescission period for certain secured loans.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.