Truth in Lending: 4.5.1 Disclosures Reflect the Legal Obligation
The disclosures must reflect the terms of the legal obligation between the creditor(s) and the consumer(s).510 As with the definition of consummation, the “legal obligation” is determined by applicable state or other law.511 Informal agreements as to when payments can be made512 or as to how they may be made513 need not be reflected in the disclosures.