Finance
The Truth in Lending Act (TILA) primarily protects NH borrowers by:
AGuaranteeing the lowest possible interest rate
BRequiring lenders to disclose the cost of credit, including APR, before the borrower is obligated✓ Correct
CLimiting interest rates to a maximum set by the federal government
DRequiring lenders to offer FHA loans
Explanation
TILA (Regulation Z) requires lenders to clearly disclose the cost of credit to consumers, including the APR, finance charges, total payment amount, and other material terms. This transparency allows borrowers to make informed decisions and compare credit offers.
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