Federal law that protects consumers by requiring lenders to publish specific information so borrowers can compare cost and terms of credit offered by lenders. The Truth in Lending Act (TILA) is the primary federal law governing the extension of consumer credit by lenders in the United States.  Congress instituted the Truth in Lending Act in 1968 to ensure more accurate disclosure of credit terms so that consumers could compare the various credit terms available in the credit marketplace.  This act is intended to help consumers protect themselves and help evaluate credit terms including credit card offers and credit card billing.  The Truth in Lending Act requires lenders and credit card companies to disclose finance charges in dollars and as an annual percentage rate (apr); the length of the grace period, if any; annual fees; minimum credit card payments required; and the company providing the credit line and the credit card limit.

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