Regulation Z

Truth in Lending Act

Long title	An Act to safeguard the consumer in connection with the utilization of credit by requiring full disclosure of the terms and conditions of finance charges in credit transactions or in offers to extend credit; by restricting the garnishment of wages; and by creating the National Commission on Consumer Finance to study and make recommendations on the need for further regulation of the consumer finance industry; and for other purposes.
Acronyms (colloquial)	TILA, CCPA
Nicknames	Consumer Credit Protection Act
Enacted by	the 90th United States Congress
Effective	May 29, 1968
Citations
Public law	90-321
Statutes at Large	82 Stat. 146
Codification
Titles amended	15 U.S.C.: Commerce and Trade
U.S.C. sections created	15 U.S.C. ch. 41 § 1601
Legislative history
Introduced in the Senate as S. 5 by William Proxmire (D–WI) on January 11, 1967 Committee consideration by Senate Banking Committee, House Committee on Banking and Currency Passed the Senate on July 11, 1967 (92–0) Passed the House on February 1, 1968 (383–4, in lieu of H.R. 11601) with amendment House agreed to House amendment on May 22, 1968 (agreed) with further amendment Senate agreed to House amendment on May 22, 1968 (agreed) Signed into law by President Lyndon B. Johnson on May 29, 1968
Major amendments
Credit CARD Act of 2009 Dodd–Frank Wall Street Reform and Consumer Protection Act

The Truth in Lending Act (TILA) of 1968 is United States federal law designed to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed.

TILA also gives consumers the right to cancel certain credit transactions that involve a lien on a consumer's principal dwelling, regulates certain credit card practices, and provides a means for fair and timely resolution of credit billing disputes. With the exception of certain high-cost mortgage loans, TILA does not regulate the charges that may be imposed for consumer credit. Rather, it requires uniform or standardized disclosure of costs and charges so that consumers can shop. It also imposes limitations on home equity plans that are subject to the requirements of 12 C.F.R. 1026.40 and certain "higher-priced" mortgage loans (HPMLs) that are subject to the requirements of 12 C.F.R. 1026.35. The regulation prohibits certain acts or practices in connection with credit secured by a consumer's principal dwelling.

The Truth in Lending Act was originally Title I of the Consumer Credit Protection Act, Pub.L. 90–321, 82 Stat. 146, enacted June 29, 1968. The regulations implementing the statute, which are known as "Regulation Z", are codified at 12 C.F.R. 226. Most of the specific requirements imposed by TILA are found in Regulation Z, so a reference to the requirements of TILA usually refers to the requirements contained in Regulation Z, as well as the statute itself.

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