Finance
In South Carolina, which federal act requires lenders to provide the Annual Percentage Rate (APR) to borrowers?
ARESPA
BTruth in Lending Act (TILA)✓ Correct
CEqual Credit Opportunity Act (ECOA)
DCommunity Reinvestment Act (CRA)
Explanation
TILA (Truth in Lending Act) requires lenders to disclose the APR — the true cost of credit including interest and certain fees — so borrowers can compare loan offers. The APR is always higher than the stated interest rate when fees are included.
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