Truth in Lending Act (TILA, 1968)

1) Link to the Text of the Act
Read the statute (15 U.S.C. § 1601 et seq.)

2) Why It Was Done
TILA was enacted to ensure consumers receive clear and accurate information about the costs of credit, preventing deceptive practices and enabling informed borrowing decisions.

3) Pre-existing Law or Constitutional Rights
Before TILA, credit terms were often hidden or misleading, with no standardized disclosure requirements. State laws varied widely, creating confusion and abuse.