WASHINGTON (CN) - The Securities and Exchange Commission has raised the threshold for consumer leases and credit transactions for which creditors and lessors are required to make Truth in Lending Act disclosures to $50,000.
The change, mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, requires creditors to disclose the full cost of any credit or lease to the consumer, and all costs associated with the transaction, before the transaction is completed or the consumer becomes obligated for any costs.
Prior to this change, only consumer transactions under $25,000 were subject to Truth in Lending Act disclosure requirements.
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