Hi! Please base your answers on Philippine Laws. Thank you!

Topic: TRUTH IN LENDING ACT (R.A. No. 3765)

Questions:

1.What is the truth in lending act?

2.What is the purpose of the law?

3.What is the policy of the state in the context of RA 3765?

4.What is the obligation of creditors to persons to whom credit is extended?

5.What are the covered transactions?

6.Is the law applicable only to banks and other financial institutions?

7.What are the excluded transactions?

8.Consequences of non-compliance with the requirement of TILA. What are the penalties in case of violation?