I need claraifaction. Is it true that you do not need to give a TIL if the term is two years or less?

The term of the loan is not a factor in whether you are required to comply with Truth in Lending.

You might be thinking of HUD's Reg X (RESPA) which states that construction loans are exempt from Reg X if the term is less than 2 years. This is under the definition of temporary financing in 3500.5(b).

226.1(c) Coverage. (1) In general, this regulation applies to each individual or business that offers or extends credit when four conditions are met: (i) the credit is offered or extended to consumers; (ii) the offering or extension of credit is done regularly;1 (iii) the credit is subject to a finance charge or is payable by a written agreement in more than 4 installments; and (iv) the credit is primarily for personal, family, or household purposes.


As noted, time is not a factor in this. There are some exemptions under 226.3, but time still isn't a factor.