Kaylee's refrigerator suddenly breaks down. It's old and would be expensive to repair, so she decides to buy a new one. Kaylee chooses a refrigerator with a 12-month, no-interest financing offer. The sales agreement lists the sale price, the amounts and dates of payments, the APR that will apply if Kaylee doesn't pay off the refrigerator in 12 months, and a lot of other information. The law that requires sellers to provide this information to purchasers is

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23-06-2022
Business

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Kaylee's refrigerator suddenly breaks down. It's old and would be expensive to repair, so she decides to buy a new one. Kaylee chooses a refrigerator with a 12-month, no-interest financing offer. The sales agreement lists the sale price, the amounts and dates of payments, the APR that will apply if Kaylee doesn't pay off the refrigerator in 12 months, and a lot of other information. The law that requires sellers to provide this information to purchasers is

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okpalawalter8 okpalawalter8 · Answer 1 · 2022-06-27T17:37:13+02:00

Kaylee's refrigerator suddenly breaks down. It's old and would be expensive to repair, so she decides to buy a new one. The law that requires sellers to provide this information to purchasers is "The Truth-in-Lending Act". This is further explained below.

What is The Truth-in-Lending Act?

Generally, In 1968, Congress passed and President Nixon signed the Truth in Lending Act (TILA) to protect customers from dishonest lenders.

In conclusion, Kaylee's fridge has broken down unexpectedly. Being too old and costly to fix, she opts to replace it instead. The "Truth-in-Lending Act" is the piece of legislation that mandates vendors provide this data to buyers.

Read more about The Truth-in-Lending Act

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