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In order to come within the scope of the truth in lending act, a loan must be in the amount of ______ unless it is secured by a mortgage on real estate.

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BlueSky06

A loan must be in the amount of $25,000 or less unless it is secured by a mortgage on real estate in order to come within the scope of the Truth-in-Lending Act,

 

To add, the Truth in Lending Act (TILA) of 1968 is United States federal law designed to promote the informed use of consumer credit.

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