For a loan to be within the scope of the Truth in Lending Act, it needs to be $25,000 or less. Unless secured by a mortgage on real easte.
It is a federal act that was passed to stop creditors from using the lack of knowledge of debtors to make them heavily indebted by offering huge loans.
As a result of that act, loans now have to be $25,000 or less unless there is a mortgage on a real estate property that the creditor can use to recoup the loan in case of a default.
Find out more on the Truth in Lending Act at https://brainly.com/question/2492099.
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