Truth in Lending Act

The Truth in Lending Act is a federal statute that protects consumers in credit transactions by requiring disclosure of terms and costs. The text of this statute is provided as general information to the public. It may be amended, revised, or rescinded at any time without notice. This information is not intended to be legal advice. For more information, please see our disclaimer.

15 U.S.C. § 1611. Criminal liability for willful and knowing violation

Whoever willfully and knowingly
(1) gives false or inaccurate information or fails to provide information which he is required to disclose under the provisions of this title [15 USCS §§ 1601 et seq.] or any regulation issued thereunder,
(2) uses any chart or table authorized by the Board under section 107 [15 USCS § 1606] in such a manner as to consistently understate the annual percentage rate determined under section 107(a)(1)(A) [15 USCS § 1606(a)(1)(A)], or
(3) otherwise fails to comply with any requirement imposed under this title [15 USCS §§ 1601 et seq.],

shall be fined not more than $ 5,000 or imprisoned not more than one year, or both.