The Truth in Lending Act (TILA) is a federal law that was passed in 1968 to protect consumers in the United States. This act regulates the credit market and sets minimum standards for the information that a creditor must provide in any credit contract. When businesses or individuals, including banks, extend credit to consumers, TILA usually applies. Understanding the regulations in TILA can help you to better understand your rights and defend yourself against predatory lending.
At the Law Office of Ernest B. Fenton P.C., in Cook County, our lawyers have a thorough understanding of TILA and will assert client rights when violations of this act have occurred. Since many consumers are not aware of their rights, much of what we do at LOEBF is to educate our clients and bridge the information gap that often keeps homeowners at a disadvantage against large banks and other lenders in Illinois.
Contact our firm to learn more about TILA and what regulations it sets for how lenders disclose information to potential and current debtors.
TILA Attorney Serving the Tinley Park Area
The purpose behind the Truth in Lending Act is to provide uniform disclosures to consumers that make it easier to shop for the right line of credit and to outline the financial risks associated with that credit. For example, the act regulates the amount that a consumer can be charged for the unauthorized use of his or her credit cards. TILA also regulates the advertising of credit by mandating certain disclosures and other required information.
At its core, TILA was designed to protect consumers. Our attorneys have spent years in Chicagoland and throughout Illinois working with our clients to exercise their rights.
Contact a Cook County Home Foreclosure Defense Lawyer
Talk to attorney Ernest B. Fenton regarding foreclosure defense. Send us an e-mail describing your situation or call us at 708-365-8624 or toll free at 800-416-9387 to schedule an appointment with an experienced attorney.
