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LSDefine

Simple English definitions for legal terms

Truth in Lending Act

Read a random definition: absque impetitione vasti

A quick definition of Truth in Lending Act:

The Truth in Lending Act is a law that makes sure lenders tell borrowers all the important details about a loan, like how much interest they'll have to pay and any extra fees. The law also gives borrowers three days to compare different loan options and decide if they want to cancel the agreement.

A more thorough explanation:

The Truth in Lending Act is a federal law that requires lenders to provide borrowers with clear and accurate information about the terms and conditions of a loan. This includes the annual percentage rate (APR) and any other fees associated with the loan.

For example, if you are applying for a mortgage, the lender must disclose the APR, the total amount of interest you will pay over the life of the loan, and any other fees or charges that may apply. This information must be provided in a clear and easy-to-understand format, so that you can make an informed decision about whether to accept the loan.

The Truth in Lending Act also gives borrowers a three-day period in which to compare and consider competitive loan terms, and to cancel the loan agreement if they decide it is not in their best interest.

Overall, the Truth in Lending Act is designed to protect consumers from deceptive lending practices and ensure that they have access to the information they need to make informed decisions about borrowing money.

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General

General chat about the legal profession.
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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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