Describe one area of truth-in-lending act

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The Truth-in-Lending Act is designed to protect the consumer against unfair credit practices. The Act requires that lenders disclose all expenses associated with a loan and provides the borrower with a rescission period after terms have been accepted. Conduct some research on the Truth-in-Lending Act and address the following questions:

1. Based on your research, describe one area of the Truth-in-Lending Act that you did not know previously or that you found to be surprising.

2. How does the Truth-in-Lending Act impact you as a borrower for a mortgage or real estate loan?

3. Outline a situation where the Act could protect you as a borrower.

Reference no: EM133683969

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