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While there are actually criminal provisions that set forth penalties for willful violations of Truth in Lending Act, such as a fine of up to $5000, one year in prison.
What is Truth in Lending Act?
The Truth in Lending Act of 1968 is a United States federal law designed to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed.
The Truth in Lending Act (TILA) protects you against inaccurate and unfair credit billing and credit card practices. It requires lenders to provide you with loan cost information so that you can comparison shop for certain types of loans.
Some examples of violations of are Truth in Lending Act (TILA) the improper disclosure of the amount financed, finance charge, payment schedule, total of payments, annual percentage rate, and security interest disclosures.
Under Truth in Lending Act (TILA), a creditor can be strictly liable for any violations, meaning that the creditor's intent is not relevant.
To learn more about Truth in Lending Act (TILA) from the given link
https://brainly.com/question/2834968
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