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Truth in Lending Act

The following summaries are of recent published decisions of the California appellate courts, the Ninth Circuit, and the United States Supreme Court. The summaries are presented without regard to whether Severson & Werson represented a party in the case.

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Hoang v. Bank of America, N.A.

by Jan T. Chilton |

The statute of limitations for rescission enforcement actions under the Truth in Lending Act is the state law limitations period for suit on a written contract—six years in Washington, four years in California. Read More

Ivanoff v. Bank of America, N.A.

Successive suits by mortgage borrower based on breach of contract and the Truth in Lending Act are not barred by the merger-and-bar aspect of res judicata, since the primary right sued upon is different—TILA protects a right of disclosure of key loan terms, whereas contract law protects the parties' agreement.  Read More

Raceway Ford Cases

When a dealer spot delivers a car but later recalls the buyer to rewrite the deal, the dealer may charge interest from the date of the spot delivery and may backdate the new contract to the delivery date without violating California's Automobile Sales Finance Act so long as the rewritten contract discloses an APR accurately or within Truth in Lending… Read More

US Bank, N.A. v. Naifeh

When a home loan borrower defends a lender’s suit, based on a demand for rescission under the Truth in Lending Act, the lender’s lien is not automatically invalidated; instead, the court must decide whether correct TILA disclosures were given and whether the borrower should be required to tender back the borrowed sums before the lien is invalidated.  Read More