How many days does Regulation Z require for loan disclosures to be provided after an application is received?

Regulation Z, which implements the Truth in Lending Act, mandates that lenders provide necessary loan disclosures to borrowers within three business days of receiving a loan application. This requirement ensures that borrowers have timely information about the terms and costs associated with the loan, promoting transparency and informed financial decision-making.

The three-day timeframe allows borrowers to review disclosures, which include essential details like the annual percentage rate (APR), loan terms, and total costs, before they commit to the loan. This provision is crucial in helping consumers understand their financial obligations and the implications of the credit they are considering. The requirement for disclosures to be given within this specific period aligns with Regulation Z's purpose of protecting consumers by ensuring they are equipped with key information early in the borrowing process.