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Truth-in-Lending Act (TILA)

The federal Truth-in-Lending Act (TILA) is a law requiring that a lender disclose the terms of a mortgage (including the APR and other charges) in writing. TILA is designed to protect consumers and ensure clear disclosure of the key terms of the loan, as well as any costs or fees involved. The act also requires the right of rescission period for certain types of loans.

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