What is the primary goal of the Truth-in-Lending Act?

The primary goal of the Truth-in-Lending Act (TILA) is to protect consumers from deceptive lending practices. This federal law was enacted to ensure that consumers receive clear and accurate information about the costs of borrowing, including interest rates, loan terms, and any associated fees. By requiring lenders to disclose this information in a straightforward manner, TILA aims to promote transparency and enable consumers to make informed decisions when selecting loan products. The act also provides rights for consumers in their dealings with lenders, such as the right to cancel certain types of loans within a specified timeframe. This consumer protection framework is essential in minimizing the potential for unfair treatment or exploitation in lending scenarios.

In contrast, the other options focus on different aspects. Regulating real estate professionals pertains to licensing and operational standards, while ensuring fair housing practices addresses discrimination in housing. Managing property taxes is related to fiscal policies governing local taxation rather than lending practices. Therefore, the choice that aligns most closely with TILA's purpose is the protection of consumers from deceptive lending.