Truth-in-Lending Disclosures and Related Considerations

Summary

This practice note provides an overview of the Truth in Lending Act, 15 U.S.C. § 1601, et seq. (TILA), enacted on May 29, 1968, as part of the Consumer Credit Protection Act, 90 P.L. 321, and implemented in 1969 by Regulation Z (12 C.F.R. § 1026.1 et seq.). This note reviews key disclosure requirements for open-end and closed-end credit, including pertinent restrictions under Regulation Z, and recent changes under the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA, or the Economic Growth Act), 115 P.L. 174, which became law on May 24, 2018. This note also addresses compliance considerations for practitioners working on consumer credit transactions.