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The truth-in-lending law became effective July 1. 1969. It’s also known as the disclosure rule. It requires lenders to give customers a plain statement of the credit charges involved in any transaction.
One area where it has helped to clear possible misunderstandings is in real estate ads. Remember when ads used to read like this: “FOR SALE—3bedroom home in Tine location, only S22.000 with S3.000 down."
Now, if the advertiser mentions the down payment, he must also mention the monthly payment and the interest rate. Tell all or tell
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