According to the Federal Reserve Board an advertisement is any “commercial message in any medium that promotes, directly, or indirectly, a credit transaction.” As you can see they have a pretty broad definition of advertisement. Telephone solicitations, internet messages, and price tags with credit information are among the more surprising forms of “advertisements” listed by the Federal Reserve Board.
Tag: TILA
The federal Truth in Lending Act (TILA) and the accompanying Regulation Z is considered the cornerstone of federal consumer protection laws. For the most part, TILA is simply a disclosure law designed to prevent unscrupulous creditors from preying on consumers. Unfortunately, TILA claims against auto dealers are common and penalties can be steep.