Definition: A federal consumer-credit law requiring meaningful disclosure of credit costs and terms and providing other protections, implemented primarily through Regulation Z.
Example
A covered loan's disclosures identify the annual percentage rate and other required credit information.
Keep the distinction clear
TILA is not a guarantee of a favorable rate or loan approval. Its coverage and protections vary by transaction; RESPA addresses additional settlement and servicing matters.
Related terms
Annual Percentage Rate (APR) · Triggering Terms (Credit Advertising) · Good Faith Estimate (GFE)
Keep studying
Loan Estimate, Closing Disclosure, and Loan Approval: Different Steps
References: CFPB: Regulation Z
Pronunciation (US): TROOTH in LEN-ding AKT; TEE-luh (capitals show stress)
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