What are the penalties for violating the Truth in Lending Act?

Violations of the Truth in Lending Act (TILA) can lead to serious penalties in North Dakota. Violations of the Act can result in a fine of up to $2,000 per violation, or up to twice the amount of any finance or other charge imposed on the consumer in connection with the violation. Further, violators may be ordered to pay restitution to the consumer and a civil money penalty of up to $500,000. In addition to fines, TILA violators may face criminal charges. If convicted of a criminal offense related to a credit card law violation, a person can be fined up to $1,000,000 and/or be sentenced to up to 20 years in prison. It is also possible for the Federal Trade Commission to bring civil action against violators of the Truth in Lending Act. If this happens, violators of the Act may be required to pay civil penalties of up to $11,000 per violation. Ultimately, it is important to understand that credit card law is important to follow in order to avoid penalties and financial loss. Violating the Truth in Lending Act in North Dakota can result in serious penalties and long-term consequences. It is important to make sure that any agreements related to credit cards are made in compliance with the Act and all applicable laws.

Related FAQs

What is a Fair Credit Billing Act?
What is the Electronic Funds Transfer Act?
What is a grace period for credit card payments?
What is a variable rate credit card?
What happens when I miss a credit card payment?
What is the Truth in Lending Act?
What should I do if I spot an error on my credit report?
Do I have any recourse of action if a lender violates the Fair Credit Reporting Act?
Is it safe to use my credit card online?
What is the difference between a secured credit card and an unsecured credit card?

What are the penalties for violating the Truth in Lending Act?

Related FAQs

Related Blog Posts