Consumer Credit Protection Act or Truth in Lending Law {truth-in-lending}| applies to all consumer credit arrangements, but not business or commercial accounts. This law allows individuals to sue creditors, within one year, for twice the finance charge, plus court costs and attorney's fees, if creditors intentionally do not disclose finance charges or annual percentage rates. This law prohibits companies from issuing credit cards unless people request one. This law limits credit-card holder liability for lost or stolen cards. This law gives people right to cancel credit deals that give creditors liens on homes, to prevent home foreclosure or seizure to pay debt.
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Date Modified: 2022.0224