Truth In Lending Act (TILA)| questions and 100% correct answers| New 2026

Truth In Lending Act (TILA)| questions and 100% correct answers| New 2026 What governmental agency enforces TILA? CFPB - TILA is administered and enforced by the Consumer Financial Protection Bureau What is the primary purpose of TILA? TILA is designed to protect consumers by requiring that lenders make certain disclosures regarding credit loans (open and closed) What does "CFPB" stand for? who are they? the Consumer Financial Protection Bureau - administered and enforces the truth in lending act Who does Regulation Z apply to? What is the formal name for regulation z? TILA, requires specific disclosures to consumers in certain credit transactions and it applies to businesses or individuals who make a regular business of lending to customers. - aka requires lenders to provide clear information about credit terms to consumers generally when you borrow money, you usually have 2 differed fees. Fees that are charged to start the loan, and fees that are charged to keep the loan (interest) Which of the following allows borrowers to easily compare lenders rates? APR - The Annual Percentage Rate Which of the following is NOT included in the APR calculation? origination fee underwriting fee loan application fee appraisal fee fees for 3rd party vendors such as appraiser are not included in the APR calculation How many days to closing must the APR be disclosed in writing?