Jesinoski Presents Lenders With Difficult Questions

Law360, New York (January 26, 2015, 10:43 AM EST) -- On Jan. 13, 2015, in Jesinoski v. Countrywide Home Loans Inc., Case No. 13–684, 574 U. S. ____ (2015), the U.S. Supreme Court held that if a borrower elects to rescind a transaction under the Truth in Lending Act, 15 U.S.C. § 1635, because he or she did not receive all of the required disclosures, the borrower may have up to four years — not three — to file suit. In doing so, the Supreme Court broadly read TILA's rescission rights and will force lenders to make difficult decisions on requests to rescind a loan made years after it was funded....

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