Tampa Predatory Lending/Truth In Lending Act(TILA) Attorney Serving St. Petersburg, Sarasota, New Tampa, Clearwater, Wesley Chapel, Brandon & Throughout the State of Florida

The federal Truth in Lending Act (TILA) was implemented to ensure consumers complete and accurate disclosure of the costs of consumer credit and thereby provide the opportunity for making informed decisions regarding credit, debt, and financial security. Requiring clear and complete disclosure of all costs prevents confusion due to the various ways of calculating interest and allows a better understanding of how much debt the consumer actually stands to incur.

TILA applies to extensions of credit by an individual or business when:

• The credit is being offered to a consumer;
• The offering or extension of credit is done regularly;
• The credit is payable under a written agreement providing more than four installment payments or is subject to a finance charge; and
• The credit extended is primarily for personal, family, or household use.

Costs that are related to borrowing money are required to be disclosed to the consumer under TILA. The lender’s failure to disclose information regarding certain fees or interest rate increases may be violations under the act. This is because the consumer’s lack of information about additional fees or an increased interest rate may affect the required payment amount and in some cases lead to default.

Violations of TILA entitle a consumer to significant remedies, including, in some cases, the right to rescind (or unwind) the loan. Depending on the particular provision violated, a consumer may be entitled to statutory damages, actual damages, recovery costs, and attorney fees. TILA violations may also provide a defense to a foreclosure.

If you believe a violation of this act may have affected your credit or financial security, please contact Yesner & Boss, P.L. today to schedule a free initial consultation to find out what your rights and alternatives may be.