The Truth in Lending Act (TILA), 15
U.S.C. 1601 et seq., was enacted to foster comparison credit
shopping and informed credit decision making by requiring accurate
disclosure of the costs and terms of credit to consumers and to
protect consumers against inaccurate and unfair credit billing
practices. Creditors are subject to disclosure and other
requirements that apply to open-end credit (e.g., revolving credit
or credit lines) and closed-end credit (e.g., installment
financing). TILA imposes disclosure requirements on all types of
creditors in connection with consumer credit, including mortgage
companies, finance companies, retailers, and credit card issuers,
to ensure that consumers are fully apprised of the terms of
financing prior to consummation of the transaction and, as
applicable, during the loan term.
US Code:
15
USC 1601 Name of Law: Truth in Lending Act
The Bureau estimates that there
is an increase of about 6,100 respondents due to new entrants into
the market. Annual burden increased because the Bureau conducted a
comprehensive review of the information collections in Regulation Z
and the related estimated burdens. This comprehensive review
resulted in the Bureau identifying information collections that OMB
had approved when the Bureau inherited Regulation Z from the Board,
but had not been subsequently enumerated. Finally, burden hours
decreased because of industry adoption of technology in the
previous several years.
$0
No
No
No
No
Yes
No
Uncollected
Darrin King 202-693-4129
King.Darrin@dol.gov
No
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.