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Glossary Term: CONSUMER CREDIT PROTECTION ACT OF 1988

Definition(s) for CONSUMER CREDIT PROTECTION ACT OF 1988:


1. ) Landmark federal legislation establishing rules of disclosure that lenders must observe in dealings with borrowers. The act stipulates that consumers be told annual percentage rates, potential total cost, and any special loan terms. The act, enforced by the Federal Reserve Bank, is also known as the Truth in Lending Act. See also Finance Charge, Truth in Lending Act.



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