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. For loans covered under TILA, you have a right of rescission, which allows you three days to reconsider your decision and back out of the loan process without losing any money. This right helps protect you against high-pressure sales tactics used by unscrupulous lenders. But TILA does not tell banks how much interest they may charge or whether they must grant a consumer loan.

TILA is located in the United States Code, beginning at 15 U.S.C. §1601. And the applicable regulations are located in the Code of Federal Regulations, beginning at 12 CFR § 226.1.

Congress enacted TILA to promote the "informed use of credit" by consumers. 15 U.S.C. § 1601(a). In doing so, Congress sought to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit, and to protect the consumer against inaccurate and unfair credit billing and credit card practices. 15 U.S.C. § 1601(a). Though the TILA does not explicitly state that a cardholder can bring a suit claiming a violation of 15 U.S.C. § 1643, the majority of courts faced with such a claim have assumed the existence of a cardholder claim under section 1643.

A claim under section1643 is subject to a one-year statute of limitations. 15 U.S.C. § 1640(e) ("Any action under this section may be brought . . . within one year from the date of the occurrence of the violation.").

The Truth In Lending Act (TILA), codified at 15 U.S.C. § 1601 and implemented by 12 CFR § 226.1, is a federal law that applies in South Carolina as well as all other states. It is designed to ensure that consumers are provided with accurate and clear information about credit terms, allowing for comparison shopping and informed credit use. TILA mandates that lenders disclose the costs associated with loans and protects consumers from unfair credit billing and credit card practices. One of the key consumer protections under TILA is the right of rescission, which gives borrowers three days to cancel certain types of loans without penalty. This right is particularly important for guarding against high-pressure sales tactics by lenders. However, TILA does not regulate the interest rates lenders may charge or mandate that a loan must be approved. In the event of a violation of TILA, such as those related to credit card liabilities under 15 U.S.C. § 1643, consumers generally have one year from the date of the violation to bring a lawsuit, as per 15 U.S.C. § 1640(e). While TILA is a federal statute, it is enforced in South Carolina and provides consistent protections across the country.