Finance
What is the primary purpose of the federal Truth-in-Lending Act (TILA/Regulation Z) in Connecticut mortgage lending?
ATo set maximum interest rates on all loans
BTo require lenders to disclose the true cost of credit, including the APR✓ Correct
CTo insure mortgage loans against default
DTo regulate property appraisals
Explanation
TILA (Regulation Z) requires lenders to disclose the Annual Percentage Rate (APR) and other key loan terms so borrowers can compare credit offers and understand the true cost of borrowing.
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