Blogging the Truth in Lending Act (TILA)

The Truth in Lending Act (TILA) contains some excellent information that every consumer should understand. This act has created many of the laws and guidelines that lenders must follow. It pertains to nearly every organization that lends money to consumer (mortgage lenders, banks, credit card companies, etc.).

The trouble is that many consumers don't know about the Truth in Lending Act, or else they don't really understand what it says. So we have begun a campaign to educate consumers about their rights under TILA. Starting today, we write summaries of the entire act, one section at a time. We will summarize the key points found within each section, putting them into simple (non-governmental) language that everyone can understand.

Stay tuned ... we're starting right now, on January 17th.

• 226.1 - Authority, purpose, coverage, enforcement, etc.
• 226.2 - Definitions of key terms found within TILA