Question

John loans George money and they sign a written agreement whereby George will repay John in monthly installments. Is this loan subject to the Truth-n-Lending Act? No, if John is not in the business of offering credit

Answer 1

No.

Step-by-step explanation:

No, if John is not in the business of offering credit.

The Truth in Lending Act is a primary federal law of United States enacted in 1968 designed to keep consumers informed of credit agreements. It is used to regulate and standardized the method of calculating the cost associated with borrowing and how they are disclosed.