Regulation Z. Truth in Lending Act. Background and Purpose. The Truth in Lending Act – 1968 Promote the informed use of credit Gives consumers the right to cancel certain credit transactions Regulates certain credit card practices Requires maximum interest rate stated in variable rate loans
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Truth in Lending Act
Dwelling: A residential structure that contains 1-4 units, whether or not attached to real property
Residential Mortgage Transaction
Transaction in which a mortgage, deed of trust, purchase money security interest arising under an installment sales contract, or equivalent consensual security interest is created or retained in the consumer’s principal dwelling to finance the acquisition or initial construction of that dwelling.