TRUTH IN LENDING
How Truth in lending protects the buyer
When a person wants to purchase a piece of land he or she may want to do it on the instalment credit basis. It is here that truth in lending applies. The buyer must be given a statement known as truth–in–lending that includes the disclosure about all the details of the loan including the annual percentage rate of interest. This should be done either before the sale is made or on the day of the sale.
The truth in lending offers a great advantage to the buyer because it gives them the right to correct information as well as a time period in which the buyer can rescind the contract. This can be done within three business days from the date of contract. Even after the lapse of their business the lender or the seller must give you notice reminding you of your right to cancel the purchase. If you want to cancel the deal, the company needs to return all you money including any kind of deposit that may have been made. But, this right of rescind applies only when you are planning on using the property for your personal use. If the property is being bought for the purpose of investment then this right is not applicable. Then you may not rescind but on non-disclosure of the loan terms you may sue the lender. The lender may be sued for twice the finance charges that are up to $1000 on top of the legal cost as well as the court costs.
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- Truth in Lending Disclosure PDF
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