Lending act role in regards to funds acquisition strategies, accounting homework help

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Business Finance

Description

Discuss the Truth in Lending Act and what role it places in financial and regulatory reports requirements in regards to funds acquisition strategies. What are various important terms which must be disclosed and their meaning?


Interpret funds acquisition alternatives available to management and related risks.

Evaluate financial reporting and regulatory reporting requirements on funds acquisition strategies.


4 pages

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Explanation & Answer

Attached.

Running head: TRUTH IN LENDING ACT

1

Truth in Lending Act
Institution Affiliation
Date

TRUTH IN LENDING ACT

2
Truth in Lending Act (TILA)

This is an Act that was enacted as a United States federal law with the principal aim of
promoting the use of information of the credit of consumers. The Act requires that there should
be disclosures about its terms and costs just to assist in the standardization of the way in which
the expenditures in regards to borrowing are calculated and disclosed. The Act plays a very
fundamental role in giving consumers rights about the cancellation of certain transactions of
credit which are about a tendon on the primary dwellings of the consumers (Greenbaum, Thakor,
& Boot, 2015).
Moreover, TILA regulates some credit card practices. This way it is highly involved in
the provision of a means that enables fair and timely resolving of disputes that pertain to credit
billing. It worth noting that TILA is not involved in the control of the costs of borrowing charged
on consumer credit. There is, however, an exception with this when it comes to certain mortgage
loans that have high costs. For the consumers to shop in a conducive environment, the Truth in
Lending Act must require that there be disclosures of costs and charges in a very uniform or
standardized manner.
The Act has played a significant role since its enactment especially in the protection of
the consumers in connection utilization of credit just because it demands disclosures in full scale
of the terms and conditions when it comes to financing charges in credit transactions. The Act
has been able to achieve this through the restrictions th...


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