Finance
Regulation Z (Reg Z) is the implementing regulation for which federal law?
ARESPA
BECOA
CTruth in Lending Act (TILA)✓ Correct
DFair Housing Act
Explanation
Regulation Z is the Federal Reserve's implementing regulation for TILA (Truth in Lending Act). It requires lenders to disclose the APR, finance charges, and other loan terms to borrowers.
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Key Terms to Know
Fair Housing Act
Federal law prohibiting discrimination in the sale, rental, or financing of housing based on race, color, national origin, religion, sex, disability, and familial status.
Promissory NoteA written promise to repay a loan under specified terms — the borrower's personal financial obligation in a real estate transaction.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
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