The Division of Banks recently filed its final amendments to the Disclosure of Consumer Credit Costs and Terms, now known as "Truth in Lending."

The name of the regulation was changed to "Truth in Lending" to reflect the Consumer Financial Protection Bureau’s Regulation Z. The amended regulation will become effective on Friday, Jan. 2.

The regulation’s purpose is to promote the informed use of consumer credit by requiring disclosures about its terms and cost; gives consumers the right to cancel certain transactions that involve a lien on a consumer’s principal dwelling, regulates certain credit card practices; and provides a means for fair and timely resolution of credit billing disputes. 

The amendments recently finalized were part of a larger effort to streamline the state’s banking laws and cut down on overlap between state and federal regulations.