Florida Psychology Laws And Rules Practice Exam

What is the primary purpose of the Truth in Lending Act (TILA)?

To prevent predatory lending practices by setting maximum interest rates. To ensure consumers are informed about the true cost of credit. To regulate the appraisal process for residential properties. To establish a national registry for mortgage loan originators.

Correct Answer:

To ensure consumers are informed about the true cost of credit.

Explanation:

TILA's primary purpose is to promote the informed use of consumer credit by requiring disclosures about its terms and cost, ensuring consumers understand the true cost of borrowing.

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