Truth in Lending Act
The Truth in Lending Act (TILA) covers many different areas of lending. It has rules that apply to credit card lending (open ended loans), mortgage lending (closed ended loans) and other types of loans.

Under TILA a persons liability for a lost or stolen card is

$0 after it has been reported missing.

Up to $50 if you notify the bank within two business days of knowing the card was missing.

Up to $500 if you fail to notify the bank within two business days, but do notify them within 60 days of knowing the card was missing.

TILA also lets you cancel a loan secured by your home (but not used to purchase or build the home) until midnight of the third day after you signed the contract. This typically applies to 2nd mortgages, home equity lines of credit, home improvement loans, etc.

In addition TILA requires that all lenders to disclose specific information about the mortgage, credit card or other type of loan you are entering into. The information that must be provided by the lender is:

The interest rate you are going to be charged to borrow the money.

The length of the loan (mortgages or other closed ended loans).

The total amount you are borrowing (closed ended)

Any payment penalty fees

Any other fees the lender may impose.

If the lender violates any of the above regulations contact your state Attorney Generals Office for information on how to file a complaint. For credit cards, collection agencies, or credit bureaus you should also notify the Federal Trade Commission at www.ftc.gov or 1-877-382-4357 or by mail at:

Federal Trade Commission
Consumer Response Center
CRC-240
600 Pennsylvania Avenue, NW
Washington, DC 20580

Letters & Forms

AFS is working hard to provide our clients with the most comprehensive forms to help you tackle your debt.

Please check back soon for letters and forms that you can use to communicate with creditors and agencies.

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Not all services available in all states. Fees may apply for certain services, including debt management plan services. Eligibility requirements, terms and conditions apply. Individual results may vary depending upon a number of factors, including creditor participation and your financial situation. Establishment of a debt management plan may adversely affect your credit rating or credit score. Nonpayment of debt may lead creditors to increase finance and other charges or undertake collection activity, including litigation. Ask us for details.

Mississippi Licensed Debt Management Service Provider, Licensed by Vermont Department of Banking. Licensed by the New York Department of Banking. NOT A LOAN COMPANY - WE DO NOT LEND MONEY. The Commissioner of Financial Regulation for the State of Maryland will accept all questions and complaints from Maryland residents regarding American Financial Solutions (License No.14-18) at 500 North Calvert Street, Room 402, Baltimore, MD 21202, phone number 1-888-784-0136. Corporate Address: AFS 2815 2nd Ave., Suite 280, Seattle, WA 98121. Counseling Center Located at 263 4th Street, Bremerton WA 98337. Copyright © 2006 - American Financial Solutions is a division of the North Seattle Community College Foundation.