Business and Personal Finance Dictionary

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• TRUTH-IN-LENDING ACT
  
  A Federal statute that governs a number of practices related to bank loans - especially, but not only, consumer loans. The Federal Reserve Board of Governors has adopted Regulation Z to implement this statute. The regulation has specific requirements giving some borrowers the right to rescind certain loans and very specific requirements about how banks must disclose rescission rights. The regulation also includes very detailed requirements for calculating and disclosing annual percentage rates for many loans. See annual percentage rates and rescission.
  
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