Truth in Lending (TIL) Regulation Z

Promotes the informed use of consumer credit by requiring disclosures regarding terms and cost. Helps consumers “comparison shop” for credit.  Gives consumers the right to cancel certain credit transactions involving a lien on a consumer’s principal dwelling (3 day right of rescission). Regulates certain credit card practices, and provides a means for fair and timely resolution of credit billing disputes. Requires a maximum interest rate be stated in variable-rate contracts secured by the consumer’s dwelling.  It also imposes limitations on certain home equity and mortgage loans.

Updated: October 1, 2015