What is one of the key disclosures required by TILA?

The Truth-in-Lending Disclosure Statement is crucial under the Truth in Lending Act (TILA) as it provides borrowers with essential information about the costs associated with credit, including the terms of the loans they are considering. This disclosure is designed to help consumers understand the full scope of their financial obligations and make informed decisions regarding their credit choices. It encompasses key details such as the Annual Percentage Rate (APR), finance charges, total amount financed, and total payments.

This requirement underscores TILA's purpose of promoting transparency in lending practices and protecting consumers from misleading information. By ensuring that borrowers receive standardized disclosures, TILA aims to facilitate comparison among different credit offers and empower consumers to choose the most suitable loan for their needs.

While the other options may represent important components of loan information, the Truth-in-Lending Disclosure Statement serves as the overall framework that consolidates these critical aspects, making it one of the primary disclosures mandated by TILA.