December 14, 2009
By: Shaun Ertischek, Esq.
The Truth in Lending Act (TILA) of 1968, 15 U.S.C. § 1601 et seq., is a federal law designed to protect consumers in credit transactions by requiring certain disclosures as well as prohibiting certain types of loans and impressible fees. The lender must provide notice that the borrower can rescind the loan and also disclose certain important terms of the loan. These loan terms include correct calculations for the number of payments, annual percentage rate, amount financed and finance charges. TILA is a powerful tool to defend foreclosure actions and may allow for recession of a mortgage loan. Many consumers are also using violations of TILA and other consumer protection laws as leverage to modify existing mortgage loans on more favorable terms.
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