Finance
What is the purpose of the Truth in Lending Act (TILA) in Illinois real estate transactions?
ATo regulate property taxes in Illinois
BTo require lenders to disclose the true cost of credit, including APR and total loan costs✓ Correct
CTo protect sellers from misrepresentation by buyers
DTo set maximum interest rates on mortgage loans
Explanation
The Truth in Lending Act (TILA), implemented through Regulation Z, requires lenders to disclose the true cost of borrowing to consumers. Key disclosures include the Annual Percentage Rate (APR), which includes interest plus fees, and the total amount paid over the life of the loan.
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