The main purpose of the Truth in Lending Law is: A) Disclosure, because it requires lenders to disclose to buyers the true cost
of obtaining credit. B) Disclosure, because it requires borrowers to disclose to lenders any and all financial and material facts that could influence their ability to qualify for a loan. C) To prevent any Federal or State Fair Lending Violation. D) To ensure that the buyer and seller in a residential real estate transaction involving a new first mortgage loan have knowledge of all settlement costs.
The correct answer is option A) Disclosure, because it requires lenders to disclose to buyers the true cost of obtaining credit.
Explanation:
The Truth in Loans Act (TILA) is a federal law enacted in 1968 to help protect consumers in their dealings with lenders and creditors. Some of the most important aspects of the law refer to the information that must be disclosed to the borrower before extending the credit, such as the annual percentage rate (APR), the term of the loan and the total costs to the borrower. This information must be visible in the documents submitted to the borrower before signing.
The given assertion would be characterized as <u>true</u> because it asserts an accurate and verifiable claim regarding that the ancient discoveries. It appropriately asserts that the archaeologists have detected stone as well as copper plates that elucidates the early dominance of civilization in Bali. These discoveries reflect the significance of religion for the people lived at that time and art as a medium of teaching people regarding the maintenance of a cooperative society during early civilization. Therefore, the given statement asserts a true claim.
