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 Posted: Tue Jul 04, 2006 3:30 pm Subject: Specific disclosures as per the TILA |
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It is necessary for all the lending companies to follow the guidelines mentioned in the FDIC.
As per the Truth in Lending Act, the banks engaged in consumer lending must ensure that accurate information is provided to the consumers. They are required by laws to disclose the accurate finance charges and APRs for payday loans. While advertising a loan product, the banks must follow the regulations mentioned in the TILA act. The specific credit terms should be clearly mentioned by the creditors as offered. The finance charge must state the APR along with it. If an increase is expected after the initial origination date, the advertisement should clearly mention it. The lending company should follow the advertising norms as per the FDIC Act.
http://www.fdic.gov/regulations/safety/payday/
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anthony
Joined: 22 Jun 2006
Posts: 463
Debtcc Points: 8677
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| Posted: Wed Jul 05, 2006 11:44 am Subject: |
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Thanks for spreading the word, Anthony. I guess most of the lenders are not following the proper guidelines of doing their business. That is why, they are amidst too many questions.
Most of the lending companies don't have a proper license to run their business. Besides, excessive charges done towards the loan account also adds towards their illegal activities. These activities should not go unreported. The attorney general's office in each area are there to protect the consumers. We must file our complaints when such incidences are reported and request immediate actions.
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Justme
Debt Samaritan
Joined: 19 Jan 2005
Posts: 504
Debtcc Points: 8026
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