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Truth In Lending Act (TILA)

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Truth in lending act(TILA) is a federal law that requires creditors and lenders to share every standardized information when apply for a loan. The act helps consumer know exactly what they are signing up for. The act was enacted on June 29, 1968. The main goal of the act was to prevent creditor and lenders from scamming, having hidden information, and making sure the consumer knows what they are signing for. Truth in lending act was first introduced in the Senate on January 11, 1967, then passed the Senate on July 11, 1967. After the Senate it went through the House of Representative. On February 1, 1968 it passed through the House. Finally both Senate and House agreed on May 22, 1968 and was signed by Lyndon B. Johnson on May 29, 1968. Making

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