The purpose of the truth in lending law is to?

A. Protect consumers by requiring financial institutions to tell consumers the full cost of borrowing money

B. Give consumers a way to hold the federal government accountable for how it spends tax revenue

C. Set a maximum rate that consumers can be charged on the mortgage loans

D. Prevent companies from taxing consumers Internet purchases

Question

Social Studies

Dominique Rojas

23 February, 13:50

The purpose of the truth in lending law is to?

A. Protect consumers by requiring financial institutions to tell consumers the full cost of borrowing money

B. Give consumers a way to hold the federal government accountable for how it spends tax revenue

C. Set a maximum rate that consumers can be charged on the mortgage loans

D. Prevent companies from taxing consumers Internet purchases

+5

Answers (1)

Know the Answer?

Franklin Stevenson · Answer 1

The correct answer is A. Protect consumers by requiring financial institutions to tell consumers the full cost of borrowing money

The lender of money has to disclose all expenses and show all terms of negotiation and anything that might affect how much money is returned. If they don't then the customer can take the lender to court if the lender decides to change things without having disclosed them previously.