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Supreme Court to take up TILA rescission case
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Consumer Protection
Thursday, May 1, 2014
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The U.S. Supreme Court has agreed to address the question of whether borrowers who wish to rescind a loan as provided in the Truth in Lending Act must notify the lender of the rescission within three years of receiving their loan, or whether instead borrowers must sue the lender within that three-year period. Federal appeals courts are split on that question, and the CFPB previously filed a number of amicus briefs on the issue. Read on for the details.
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