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Jesinoski v. Countrywide Home Loans, Inc.

United States Supreme Court

January 13, 2015

LARRY D. JESINOSKI, et ux., Petitioners
v.
COUNTRYWIDE HOME LOANS, INC., et al

Argued: November 4, 2014.

ON WRIT OF CERTIORARI TO THE UNITED STATES COURT OF APPEALS FOR THE EIGHTH CIRCUIT

Reversed and remanded.

DECISION:

Borrowers' mailing of notice of intention to rescind within 3 years of loan's consummation held timely under Truth in Lending Act provision (15 U.S.C.S. § 1635(a)) regardless of whether borrowers sued within 3 years.

LAWYERS' EDITION HEADNOTES:

CONSUMER AND BORROWER PROTECTION AND CREDITORS' RIGHTS § 5

TRUTH IN LENDING ACT

Headnote:[1]

The Truth in Lending Act gives borrowers the right to rescind certain loans for up to three years after the transaction is consummated.

[190 L.Ed.2d 651] CONSUMER AND BORROWER PROTECTION AND CREDITORS' RIGHTS § 5

TRUTH IN LENDING ACT -- RIGHT TO RESCIND

Headnote:[2]

Congress passed the Truth in Lending Act to help consumers avoid the uninformed use of credit, and to protect the consumer against inaccurate and unfair credit billing. 15 U.S.C.S. § 1601(a). To this end, the Act grants borrowers the right to rescind a loan until midnight of the third business day following the consummation of the transaction or the delivery of the disclosures required by the Act, whichever is later, by notifying the creditor, in accordance with regulations of the Federal Reserve Board, of his intention to do so. 15 U.S.C.S. § 1635(a). This regime grants borrowers an unconditional right to rescind for three days, after which they may rescind only if the lender failed to satisfy the Act's disclosure requirements. But this conditional right to rescind does not last forever. Even if a lender never makes the required disclosures, the right of rescission shall expire three years after the date of consummation of the transaction or upon the sale of the property, whichever comes first.

CONSUMER AND BORROWER PROTECTION AND CREDITORS' RIGHTS § 5

TRUTH IN LENDING ACT -- RIGHT TO RESCIND

Headnote:[3]

15 U.S.C.S. § 1635(a) explains in unequivocal terms how the right to rescind is to be exercised: It provides that a borrower shall have the right to rescind by notifying the creditor, in accordance with regulations of the Federal Reserve Board, of his intention to do so. The language leaves no doubt that rescission is effected when the borrower notifies the creditor of his intention to rescind. It follows that, so long as the borrower notifies within three years after the transaction is consummated, his rescission is timely. The statute does not also require him to sue within three years.

CONSUMER AND BORROWER PROTECTION AND CREDITORS' ...


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