GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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TILA
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UCC
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NCUA
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RESPA
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Detailed explanation-1: -Which one of the following requires lenders to provide standardized information? The Truth in Lending Act (TILA) is a Federal law that requires lenders to provide standardized information so that borrowers can compare loan terms.
Detailed explanation-2: -The Truth in Lending Act (TILA) protects you against inaccurate and unfair credit billing and credit card practices. It requires lenders to provide you with loan cost information so that you can comparison shop for certain types of loans.
Detailed explanation-3: -TILA promotes the informed use of consumer credit by requiring timely disclosure about its costs. It also includes substantive provisions such as the consumer’s right of rescission on certain mortgage loans and timely resolution of billing disputes.
Detailed explanation-4: -The TILA disclosure shows the APR, monthly payments and amount financed (the loan amount less finance charges). For real property loans, it does not include property appraisal fees.