Pennsylvania Financial Protection Lawyers

Fortunately for consumers there are many laws that can protect them against predatory lending. While the laws do not prevent predatory lending from occurring, they can however give a consumer the fighting chance to recover their losses.

The following is a list of some of the more common predatory lending laws in effect:

• The Federal Truth in Lending Act (TILA): Passed by Congress in 1968, the laws under this act require lenders to disclose everything about the loan in clear and understandable terms. These disclosures must list any and all possible charges to be incurred by the borrower, which includes fees, payment schedules and any other relevant information.
• The Real Estate Settlement Procedures Act (RESPA): The set of laws commissioned under this act primarily deal with the closing costs and the closing of a deal surrounding a loan for real estate. Businesses are required to disclose information about the closing period and certain financial commissions given between loan companies and real estate brokers or agents. Although some commissions are illegal, they are commonly given.
• Home Ownership and Equity Protection Act (HOEPA): A complex and in-depth set of laws pertaining to mortgage loans and their disclosures, terms and limitations. To read the full text of the laws and what they contain, please click here.

Even with laws in place, consumers are still becoming victims of financial loss and deceptiveness. These laws were put in place by the federal government to protect the rights of the consumer and in the case of loss, ensure a system of laws for basis of financial recovery.

If you believe you have been the victim of predatory lending, subprime lending or investment losses, please contact one of our Pennsylvania financial loss lawyers at Anapol Schwartz today for your free and confidential consultation.

CALL TODAY 866.735.2792