Black's Law Dictionary defines, the "Consumer Credit Protection Act," as: A "Federal Act (commonly referred to as the Truth-in-Lending Act) enacted to safeguard the consumer in connection with the utilization of credit by requiring full disclosure of the terms and conditions of finance charges in credit transactions or in offers to extend credit, by restricting the garnishment of wages, and by regulating the use of credit cards. In addition to federal and state Truth-in-Lending Acts, several states also require by statute that consumer-loan agreements be written in plain, simplified language."
Thursday, October 2, 2008
Elsie Law's Daily Dose Of The Law
Black's Law Dictionary defines, the "Consumer Credit Protection Act," as: A "Federal Act (commonly referred to as the Truth-in-Lending Act) enacted to safeguard the consumer in connection with the utilization of credit by requiring full disclosure of the terms and conditions of finance charges in credit transactions or in offers to extend credit, by restricting the garnishment of wages, and by regulating the use of credit cards. In addition to federal and state Truth-in-Lending Acts, several states also require by statute that consumer-loan agreements be written in plain, simplified language."
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