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Does the Truth in Lending Act apply to credit cards issued for business purposes?

April 26, 2017ACT Business credit cards issued lending purposes Truth

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Does the Truth in Lending Act apply to credit cards issued for business purposes?

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The Truth in Lending Act does not apply to credit extended for business purposes unless a credit card is involved. If a credit card is involved, the requirements of the regulation that govern the issuance of and liability for unauthorized use do apply. Credit cards for business purposes can’t be issued on an unsolicited basis. Also, if the card is lost or stolen, the cardholder must not be held liable for more than $50 for the unauthorized use of the card.