00:05
Hello students, in this question we have to state that whether the statement is true or false.
00:09
So, first of all we are defining tila which is truth in lending act, truth in lending act which is tila.
00:23
So, it is a federal law, federal law which requires to disclose, require to disclose, disclose certain information about loan or credit agreement, loan or credit agreement to borrower.
01:00
So, it also outlines its responsibility of lender like disclosing apr, annual percentage rate, finance charges disclosed and other terms, loan, other terms and conditions.
01:34
Now, coming up to the statement whether it is true or false, the statement is false or no, you can say because tila does not specify settling of debt with five or more payments, five or more payments...