What are the penalties for violating the Truth in Lending Act?
In Washington, the penalties for violating the Truth in Lending Act are determined by the Federal Trade Commission (FTC). Depending on the violation, the FTC may pursue civil or criminal actions. Civil actions may lead to a court order that requires the violator to stop the conduct and pay for any damages caused to those affected. This can include restitution to those who were harmed or an order to pay a civil penalty. A civil penalty can be up to $43,280 for each violation. Criminal actions may result in significant fines and even jail time. Depending on the severity of the violation, the violator can be fined up to $1 million and sentenced to up to 20 years in jail. The FTC warns that any violations of the Truth in Lending Act are taken seriously and that it is important to comply with all the regulations outlined in the act. Individuals who commit a violation may face serious consequences, so it is important to familiarize yourself with the act and its regulations in order to avoid any violations.
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