What is the Truth in Lending Act?

The Truth in Lending Act (TILA) of 1968 is a United States federal law intended to guard consumers in credit dealings, by requiring clear revelation of key terms of the lending procedure and all costs. The statute is contained in Title I of the Consumer Credit Protection Act, as amended (15 U.S.C. § 1601 et seq.). The rules implementing the statute, which are identified as "Regulation Z", are codified at 12 CFR Part 226. The majority of the detailed requirements imposed by TILA are found in Regulation Z, so a reference to the requirements of TILA typically refers to the requirements contained in Regulation Z, as well as the statute itself.