When Is a Truth in Lending Disclosure Required?
by Grace Keh
The Truth in Lending Disclosure is required by law.
Regulation Z 226.4
The finance charge must be included in all TIL Disclosures. Finance charges are the cost of the loan over the entire course of the loan. These costs include interest, closing costs, appraisal costs, title costs, credit check fees, or "points" that are commonly included in the preparation of loans. These are the costs associated with the extension of credit that the borrower has the right to know prior to agreeing to accept the terms of a loan.
Regulation Z 226.22
The Annual Percentage Rate, or APR, must be included in the TIL Disclosure. The APR is a percentage figure reached by calculating all finance charges, interest paid before or during the loan, private mortgage insurance fees, points associated with the loan, as well as the more common "loan origination fees." The figure
reflects what percentage of the loan you will pay over the course of the year for the life of the loan, and is a more accurate figure than just the interest rate.
Regulation Z 226.18 (b)
Regulation Z 226.18(g)
OSC 226.18 (h)
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