Wake North Carolina Divulgaciones generales requeridas por la Ley Federal de Veracidad en los Préstamos - Contrato minorista a plazos - Divulgaciones cerradas - General Disclosures Required By The Federal Truth In Lending Act - Retail Installment Contract - Closed End Disclosures

• Category: Contratos - Cuota Minorista - Ley Federal de Veracidad en los Préstamos
• State: Multi-State
• County: Wake
• Control #: US-02514BG
• Format: Word

Description

The Truth-in-Lending Act (TILA) is part of the Federal Consumer Credit Protection Act. The purpose of the TILA is to make full disclosure to debtors of what they are being charged for the credit they are receiving. The Act merely asks lenders to be honest to the debtors and not cover up what they are paying for the credit. Regulation Z is a federal regulation prepared by the Federal Reserve Board to carry out the details of the Act. TILA applies to consumer credit transactions. Consumer credit is credit for personal or household use and not commercial use. Closed-end transactions involve a fixed amount to be paid back over a period of time such as a note or a retail installment contract. The Wake, North Carolina General Disclosures required by the Federal Truth In Lending Act (TILL) refer to specific provisions that must be included in a retail installment contract for closed-end credit. These disclosures aim to inform borrowers about the terms and costs associated with their credit transaction, enabling them to make informed financial decisions. Compliance with these requirements is crucial for lenders and financial institutions operating in Wake, North Carolina. There are several key types of Wake, North Carolina General Disclosures required by the Federal Truth in Lending Act — Retail InstallmenContractac— - Closed End Disclosures. Some of them include: 1. Annual Percentage Rate (APR) Disclosure: The APR discloses the annual interest rate, including other finance charges such as loan fees and points, expressed as a percentage. This disclosure helps borrowers compare the overall costs of different credit options. 2. Finance Charge Disclosure: The finance charge represents the total dollar amount the credit transaction will cost the borrower. It includes interest charges, loan fees, and other applicable costs associated with the credit. 3. Amount Financed Disclosure: This disclosure outlines the total amount the borrower will receive as credit, excluding finance charges. It helps borrowers understand the actual amount of money they will have available for their specific purpose. 4. Total of Payments Disclosure: This disclosure includes the total amount the borrower will have paid by the time the loan is fully paid off, including principal, interest, and any other finance charges. 5. Payment Schedule Disclosure: This disclosure provides a detailed breakdown of the number of payments required, their periodic amounts, and the repayment period. 6. Prepayment Penalty Disclosure: If applicable, this disclosure reveals any penalties imposed on borrowers if they choose to pay off the loan before the scheduled due date. 7. Late Payment Disclosure: This disclosure informs borrowers about any late payment penalties or fees they may incur for not making payments on time. 8. Right to Rescind Disclosure: For certain types of credit transactions, such as refinancing a mortgage or obtaining a home equity loan, borrowers have the right to cancel their agreement within a specified time frame. This disclosure explains that right. In summary, compliance with Wake, North Carolina General Disclosures required by the Federal Truth In Lending Act is essential for lenders, ensuring transparency and empowering borrowers with the necessary information to make well-informed credit decisions.

The Wake, North Carolina General Disclosures required by the Federal Truth In Lending Act (TILL) refer to specific provisions that must be included in a retail installment contract for closed-end credit. These disclosures aim to inform borrowers about the terms and costs associated with their credit transaction, enabling them to make informed financial decisions. Compliance with these requirements is crucial for lenders and financial institutions operating in Wake, North Carolina. There are several key types of Wake, North Carolina General Disclosures required by the Federal Truth in Lending Act — Retail InstallmenContractac— - Closed End Disclosures. Some of them include: 1. Annual Percentage Rate (APR) Disclosure: The APR discloses the annual interest rate, including other finance charges such as loan fees and points, expressed as a percentage. This disclosure helps borrowers compare the overall costs of different credit options. 2. Finance Charge Disclosure: The finance charge represents the total dollar amount the credit transaction will cost the borrower. It includes interest charges, loan fees, and other applicable costs associated with the credit. 3. Amount Financed Disclosure: This disclosure outlines the total amount the borrower will receive as credit, excluding finance charges. It helps borrowers understand the actual amount of money they will have available for their specific purpose. 4. Total of Payments Disclosure: This disclosure includes the total amount the borrower will have paid by the time the loan is fully paid off, including principal, interest, and any other finance charges. 5. Payment Schedule Disclosure: This disclosure provides a detailed breakdown of the number of payments required, their periodic amounts, and the repayment period. 6. Prepayment Penalty Disclosure: If applicable, this disclosure reveals any penalties imposed on borrowers if they choose to pay off the loan before the scheduled due date. 7. Late Payment Disclosure: This disclosure informs borrowers about any late payment penalties or fees they may incur for not making payments on time. 8. Right to Rescind Disclosure: For certain types of credit transactions, such as refinancing a mortgage or obtaining a home equity loan, borrowers have the right to cancel their agreement within a specified time frame. This disclosure explains that right. In summary, compliance with Wake, North Carolina General Disclosures required by the Federal Truth In Lending Act is essential for lenders, ensuring transparency and empowering borrowers with the necessary information to make well-informed credit decisions.

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.