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Glossary

T

Terms

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The conditions of an agreement between a financial institution and consumer. Membership, deposit, and loan agreements contain terms. When discussing loan terms, it includes the period of time a borrower has to repay a loan, and the interest rate the borrower agrees to pay the lender.

Trust Accounts

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Includes Revocable and Irrevocable Trusts. Revocable Trust accounts are a separate account ownership type. Irrevocable Trust accounts are a separate account ownership type.

Trustee

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Generally the term trustee means the person authorized to transact business on behalf of a trust.

Truth in Lending Act (TILA)

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A Federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, financial institutions must provide information on:
- what credit will cost the borrower,
- when charges will be imposed, and
- what the borrower's rights are as a consumer.

Last Modified on 11/04/24