what does the truth in lending act do 
the truth in lending act tila helps protect consumers from unfair credit practices by requiring creditors and lenders to pre disclose to borrowers certain terms limitations and provisions such as the apr duration of the loan and the total costs of a credit agreement or loan who does the truth in lending act apply to the truth in lending act applies to most types of consumer credit such as auto loans mortgages and credit cards it does not however apply to all credit transactions for example tila does not apply to credit issued to businesses including agricultural businesses entities public utilities home fuel budget plans and certain student loan programs 6