The truth in lending law of 1948 requires that the lender must clearly state the annual percentage rate (APR) and the total finance charge before a borrower signs an agreement (Truth or False?

False. The Truth in Lending Act (TILA) was enacted in 1968, not 1948. It requires lenders to disclose the annual percentage rate (APR) and total finance charges to borrowers so they can make informed decisions before signing a loan agreement.