which of the following acts requires companies to disclose apr, length of a loan, and total cost of the loan…

which of the following acts requires companies to disclose apr, length of a loan, and total cost of the loan to consumers?\ntruth in credit act\ntruth in lending act\nconsumer report act\naffordable care act

which of the following acts requires companies to disclose apr, length of a loan, and total cost of the loan to consumers?\ntruth in credit act\ntruth in lending act\nconsumer report act\naffordable care act

Answer

Brief Explanations:

The Truth in Lending Act (TILA) is designed to promote the informed use of consumer credit by requiring disclosures about its terms and cost. It mandates that companies disclose the annual percentage rate (APR), length of a loan, and total cost of the loan to consumers. The other acts mentioned do not have these specific loan - related disclosure requirements. The Truth in Credit Act is not a standard well - known act with this requirement. The Consumer Report Act pertains to consumer reports and not loan disclosures. The Affordable Care Act is related to healthcare and not loan disclosures.

Answer:

B. Truth in Lending Act