19:11
Nah, the fucked up thing about therapists is they try and make you think your parents are your enemy 99% of the time and really they should be telling you that your parents have almost no effect on the rest of your life. If they can get you to keep focusing on your parents they can keep making money.
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Simple English definitions for legal terms
Truth in Lending Act (TILA)
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A quick definition of Truth in Lending Act (TILA):
Truth in Lending Act (TILA): The Truth in Lending Act is a law that helps protect people who borrow money. Before this law, lenders could use tricky words and forms to confuse people who didn't know much about borrowing money. The TILA changed this by making lenders use clear words and forms when they lend money, like for credit cards or mortgages. This law also makes sure that lenders tell borrowers important details, like how much they will have to pay back and how long it will take. If lenders don't follow these rules, borrowers can cancel the debt. The TILA also limits how much lenders can charge for being late on payments. This law has been updated over time to keep up with new ways of lending money and to make sure borrowers understand what they are agreeing to.
A more thorough explanation:
The Truth in Lending Act (TILA) is a law that protects consumers from predatory lending practices. It was created in 1968 because lenders were using confusing language and forms to trick people into taking out loans they couldn't afford. The TILA requires lenders to use a clear and uniform system of disclosures and terminology when offering loans like credit cards or mortgages.
For example, if you apply for a credit card, the lender must tell you the annual percentage rate (APR) and how much you will have to pay each month. They must also explain any fees or penalties that may apply. This way, you can make an informed decision about whether or not to accept the loan.
The TILA also limits the amount of late fees that lenders can charge. This helps to prevent borrowers from getting into even more debt if they are unable to make their payments on time.
Overall, the TILA is an important law that helps to protect consumers from being taken advantage of by lenders. By requiring lenders to be transparent about the terms and conditions of their loans, the TILA ensures that borrowers can make informed decisions about their finances.