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The Truth in Lending Act strictly requires creditors who deal with consumers to disclose information in writing about finance charges and related aspects of credit transactions, including finance charges expressed as an annual percentage rate. Furthermore, the Act establishes a three day right of rescission in certain transactions involving the establishment of a security interest in the consumer’s principal dwelling (with certain exclusions, such as interests taken in connection with the purchase or initial construction of a dwelling). Lastly, the Lending Act also establishes certain requirements for advertisers of credit terms.

(Source:FTC.gov)