What is the primary purpose of the Truth in Lending Act?

The primary purpose of the Truth in Lending Act (TILA) is to ensure that consumers are provided with clear and accurate information regarding the costs associated with obtaining credit. This includes the disclosure of terms and conditions, such as interest rates, fees, and the total cost of credit. By mandating transparency, TILA helps consumers make informed decisions about borrowing and fosters an environment of trust between lenders and borrowers. This act aims to prevent deceptive practices in the lending process and protect consumers from unfair lending practices.

The other options reflect important aspects of financial regulation or consumer protection, but they do not align with the central objective of TILA. For instance, while promoting investor confidence and ensuring the security of personal information are vital for financial markets and data protection, they do not directly relate to the specific disclosures mandated by TILA. Similarly, standardizing interest rates across states doesn’t fall under TILA's purpose, as the act doesn't regulate how lenders set their interest rates, but rather ensures that the terms are clearly communicated to borrowers.