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Truth in Lending Law
Truth in Lending Law A body of federal law effective July 1969 as part of the Consumer Credit Protection Act, and implemented by the Federal Reserve Board's Regulation Z. Amended in 1982 by the Truth-in-Lending Simplification and Reform Act and later amendments, it's main purpose is to ensure that borrowers and customers in need of consumer credit are given meaningful information with respect to the cost of credit.
RELATED TERMS--------------------------------------
Credit
An agreement in which a borrower receives something of value in exchange for a promise to repay the lender at a later date.
Reserve
The 'reserve price' is the lowest price at which the owner is willing to sell their property when it is being auctioned.
SIMILAR TERMS--------------------------------------
Truth in Lending Act
A federal law that requires lenders to provide certain information so borrowers can compare one loan to another.
Truth in Lending Statement (Regulation Z)
A federal government regulation that provides details of the cost of obtaining a mortgage loan.
PREVIOUS AND NEXT TERMS--------------------------------------
Trust ledger
Ledger where a property manager records monies paid out on behalf of an owner.
Trustee
A party who is given legal responsibility to hold property in the best interest of or "for the benefit of" another.
Trustee's deed
A deed executed by a trustee conveying land held in a trust.
Trustor
The person who creates a trust and gives the instructions to the trustee.
Truth in Lending Act
A federal law that requires lenders to provide certain information so borrowers can compare one loan to another.
Truth in Lending Law
Truth in Lending Statement (Regulation Z)
A federal government regulation that provides details of the cost of obtaining a mortgage loan.
Tuck-point
The process of removing old mortar from between bricks and replacing it with new mortar.
Turn key project
The construction of a project in which a third party is responsible for the total completion of a building, or for the construction of tenant improvements to the customized requirements and specifications of a future owner or tenant.
Two to four family property
A piece of property that is owned by one person but provides housing for up to four households.
Two-step mortgage
An adjustable-rate mortgage (ARM) that has one interest rate for the first five or seven years of its mortgage term and a different interest rate for the remainder of the amortization term.
This dictionary contains 6433 terms. |
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