Finance
In Minnesota, which of the following is TRUE about the Truth in Lending Act (TILA) disclosures?
AThey apply only to commercial loans over $1 million
BThey require lenders to disclose the Annual Percentage Rate (APR) and total finance charge✓ Correct
CThey are administered by the Minnesota Department of Commerce exclusively
DThey only apply to adjustable-rate mortgages
Explanation
TILA (Regulation Z) requires lenders to disclose the Annual Percentage Rate (APR), total finance charge, amount financed, and total of payments to borrowers. This federal law applies to consumer credit transactions, including residential mortgages in Minnesota.
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