Maryland General Disclosures Required By The Federal Truth In Lending Act — Retail InstallmenContractac— - Closed End Disclosures refer to specific requirements that lenders must adhere to when providing financing to consumers in Maryland. These disclosures are mandated by the Federal Truth in Lending Act (TILL) and are aimed at ensuring transparency and consumer protection in credit transactions. Here are some key details regarding these disclosures: 1. TILL Overview: TILL is a federal law implemented to protect consumers by promoting the informed use of credit. It requires lenders to disclose certain information about credit terms and costs, enabling borrowers to make informed decisions. The law covers various types of credit, including retail installment contracts for closed-end credit transactions. 2. General Disclosures: Under TILL, specific disclosures must be provided to consumers when entering into a retail installment contract for closed-end credit. These disclosures include various terms and key information about the credit transaction, such as: — Finance charge: The cost of credit expressed as a dollar amount. — Annual Percentage Rate (APR): The cost of credit expressed as a yearly interest rate. — Total amount financed: The total sum borrowed by the consumer. — Total of payments: The total amount the consumer will have paid by the end of the loan term. — Payment schedule: The number of payments and the amount of each payment. 3. Additional Requirements in Maryland: In addition to the general TILL disclosures, Maryland imposes further state-specific requirements on lenders. These requirements may include: — Disclosure of late payment fees: The specific details and amounts of any penalties for late payments. — Itemized breakdown of fees: A breakdown of all additional fees, such as origination fees or document preparation fees, if applicable. — Prepayment penalties: If there are any penalties for early repayment, they must be clearly disclosed. It is important for both lenders and borrowers to be aware of these Maryland-specific requirements to ensure compliance with both federal and state laws and to protect the rights and interests of both parties involved in the credit transaction. By providing these Maryland General Disclosures as required under the Federal Truth in Lending Act, lenders can ensure transparency, fairness, and adherence to regulations, while consumers can make well-informed decisions when entering into credit agreements.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.