No Windfall For You! Fourth Circuit Holds That Return of Loan Proceeds Is A Critical Part Of Rescission Under Truth In Lending Act
The federal Truth In Lending Act (TILA) is a consumer protection statute designed to protect borrowers from unfair lending practices. When a consumer loan is secured by the borrower’s residence, the TILA gives the borrower the right to rescind the transaction. If the lender makes required disclosures to the borrower, including advising the borrower of…
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