Case Study: Cappuccio V. Prime Capital Funding

Law360, New York (September 13, 2011, 1:02 PM EDT) -- A borrower’s own, self-serving testimony is enough to rebut the presumption that she received two Truth in Lending Act (“TILA”) right to cancel notices, says the Third Circuit. The TILA requires lenders to provide material information about a loan and to advise the borrower of her statutory right to cancel the loan within three days after closing. 15 U.S.C. § 1631(a).

Federal Reserve Board regulations require lenders to provide borrowers with two copies of a Notice of Right to Cancel a mortgage loan. 12 C.F.R. §...
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