Phone: 630-495-2282 Fax: 630-495-2260 Map/Directions

TILA, Consumer Lending Act amended for loans up to $50K

April 1, 2011
Regulations Z and M will be impacted on transactions up to $50,000 beginning July 21, up from the current $25,000 limit, following passage last summer of the Dodd-Frank Wall Street Reform and Protection Act.
Regulation Z also is referred to as the Truth-in-Lending Act. Regulation M, or the Consumer Leasing Act, applies to credit transactions and leases.
TILA requires creditors to disclose key terms of consumer loans and prohibits creditors from engaging in certain practices with respect to those loans. The CLA requires lessors to provide consumers with disclosures regarding the cost and other terms of personal property leases. An automobile lease is the most common type of consumer lease covered by the CLA.