Truth-in-Lending applies to loans made to individuals for personal, family, or household purposes. For personal property loans the law only applies if the loan does not exceed $25,000. For residential real property loans the law applies regardless of the loan amount. It does not apply to business, agricultural or commercial loans or loans made to partnerships, corporations, etc. The lender must disclose all finance charges (loan fees, finder's fees paid to the person bringing the borrower to the lender, service charges, points, mortgage insurance premiums and interest). He must add these charges together and calculate them as a percentage of the loan balances during the term of the loan to arrive at an "annual percentage rate" (APR). The APR can then be used as a means of comparing costs among lenders. Actual costs not retained by lenders (title fees, legal fees, closing costs, property taxes, appraisal fees, recording fees, notary fees, etc.) are not considered finance charges and are not included in the APR.