Final answer:
The lender gets one Truth-In-Lending statement from the borrower.
Step-by-step explanation:
The lender gets one Truth-In-Lending statement from the borrower.
In the United States, the Truth-In-Lending Act (TILA) requires lenders to provide borrowers with a Truth-In-Lending statement. This statement outlines the terms of the loan, including the annual percentage rate (APR), finance charges, and total payments.
By providing a Truth-In-Lending statement, the lender ensures transparency and helps borrowers make informed decisions about the loan they are taking.