Finance
In South Dakota, the 'Truth in Lending Act' (TILA/Regulation Z) requires lenders to:
AApprove all loan applications within 30 days
BDisclose the APR, total finance charge, and other key loan terms to borrowers✓ Correct
CProvide a fixed interest rate for all mortgage loans
DOffer loans to all qualified borrowers without discrimination
Explanation
TILA (implemented by Regulation Z) requires lenders to disclose the true cost of credit, including the Annual Percentage Rate (APR), total finance charge, amount financed, and payment schedule. These disclosures allow consumers to compare loan products from different lenders.
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