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Show Truth-in-lending law takes effect; local businesses issue statements tors to fast-talk thei awy into loan deals the customer does not understand if he does not read the contract. The act went into effect July 1. There were some overnight effects: The new Consumer Credit Protection Act went into effect July 1 as passed by congress and has been referred to as the truth-in-lending act. The law requires lenders to show the exact rate of interest for mortgages and loans, requires re-quires a statement of the exact amount of the cost of a personal person-al loan and attacks the illegal means some loan sharks use to tors to fast-talk their way into The Federal Trade Commission Commis-sion will be putting out booklets book-lets and pamphlets explaining the new law and businessmen across the country have had meetings to find out how to comply with the law. It has been pointed out the new law has some loopholes, which will allow some opera- |