§ 22163 Rate Disclosure Requirements

• •If a company tells you how much they charge for a loan, they must say it in a way that is easy to understand.
• •The company can't hide fees or make the costs confusing.
• •This rule started on January 1, 2019.

You want to take out a loan to buy a house, and the bank gives you a paper with lots of numbers and tiny words.

The bank must explain the costs in a simple and clear way so you know exactly how much you'll pay. They can't trick you with confusing words or hidden fees.