The statute mandates disclosure of finance charges, annual percentage rates, and payment terms. It provides a right of rescission for non-purchase money loans secured by a principal dwelling, extended where disclosures were deficient.
Statutory damages and fee shifting apply.
Alternative Names:
TILA|Truth in Lending
Why it Matters?
Extended rescission for deficient disclosures reaches three years rather than three days, which creates substantial exposure on mortgage portfolios where disclosure defects appear systematically across a loan program. Jesinoski confirmed that written notice within the period suffices without filing suit, which broadened the practical availability. Disclosure accuracy tolerances limit claims based on minor variances.
Frequently Confused with
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Frequently asked questions
How long does extended rescission last?
What did Jesinoski establish?
