Congress enacted TILA to avoid the uninformed use of credit, the judge said. TILA requires lenders to disclose to the borrower information about the loan, such as interest rate, monthly payments, and total payments over the life of the loan, he explained. TILA includes a notice allowing the consumer to rescind the loan within three business days after consummation of the transaction, delivery of the notice of the right to rescind, or delivery of all material disclosures, whichever occurs last, the judge emphasized. “If the creditor fails to provide the required notice, the right of rescission continues for up to three years after the consummation of the transaction,” the judge noted. Untapped Riches: Never Pay Off Your Mortgage--and Other Surprising Secrets for Building Wealth

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