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   Policies and Laws - Truth in Lending Act (TILA)



Regulation Z:

Federal Law requires the full disclosure of all costs and terms associated with any credit purchases or transactions (such as our cash advance program) and further requires that the costs associated with the transaction be expressed as an annual percentage rate of interest or A.P.R.

For each transaction, the creditor shall disclose the following information as applicable: Creditor. The identity of the creditor making the disclosures.

Amount financed. The amount financed, using that term, and a brief description such as the amount of credit provided to you or on your behalf.

Itemization of amount financed. (1) A separate written itemization of the amount financed, including:
  1. (i) The amount of any proceeds distributed directly to the consumer.
  2. (ii) The amount credited to the consumer's account with the creditor.
  3. (iii) Any amounts paid to other persons by the creditor on the consumer's behalf. The creditor shall identify those persons.
  4. (iv) The prepaid finance charge.

*The creditor need not comply with this section if the creditor provides a statement that the consumer has the right to receive a written itemization of the amount financed, together with a space for the consumer to indicate whether it is desired, and the consumer does not request it.

Finance charge. The finance charge, using that term, and a brief description such as "the dollar amount the credit will cost you."

Annual percentage rate. The annual percentage rate, using that term, and a brief description such as "the cost of your credit as a yearly rate."

Payment schedule. The number, amounts, and timing of payments scheduled to repay the obligation.

Total of payments. The total of payments, using that term, and a descriptive explanation such as "the amount you will have paid when you have made all scheduled payments."

Prepayment. (1) When an obligation includes a finance charge computed from time to time by application of a rate to the unpaid principal balance, a statement indicating whether or not a penalty may be imposed if the obligation is prepaid in full.

Regulation B:

The federal Equal Credit Opportunity Act (ECOA) prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that administers compliance with this law concerning this creditor is the Federal Trade Commission, Equal Credit Opportunity Division, Washington, DC 20580 (Reg. B 202.9(b)). Hot Payday, will not discriminate anyone based upon any of the above factors. In addition, Hot Payday will not enter into or maintain vendor/reciprocal information service type relationships with anyone who does not conform to these anti-discriminatory practices.
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