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Truth in Lending Act was passed to prevent unsophisticated consumer from being misled as to total cost of financing. Purpose of Truth in Lending Act is for customers to be able to make informed decisions and is strictly a liability statute liberally construed in favor of consumers.
Having said this, The Act provides several means of enforcement, some of which are designed to penalize the non-disclosing creditor and others of which afford relief to the consumer. A civil penalty, for example, is authorized by the following language:(a) Any creditor who fails to comply with any requirement imposed under this chapter . . . with respect to any person is liable to such person in an amount equal to the sum of-(1) any actual damage sustained by such person as a result of the failure;(2) (A) in the case of an individual action twice the amount of any finance charge in connection with the transaction, except that the liability under this subparagraph shall not be less than $100 nor greater than $1000 . . . . Pub. L. No. 89-320, § 408 (Oct. 28, 1974), amending 15 U.S.C. § 1640 (1970).
Earlier decisions characterized this civil liability as being remedial in nature and required the consumer to elect between pursuing this remedy or rescinding the contract.
The essence and spirit of this act is that Truth in Lending Act must be liberally construed to effectuate remedial purposes of protecting consumer against inaccurate and unfair credit billing and credit card practices and of promoting intelligent comparison shopping by consumers contemplating the use of credit by full disclosure of terms and conditions of credit card charges, Truth in Lending Act Section 102 et seq, as amended, 15 U.S.C. Section 1601 et seq Lifschitz v. American Exp. Co. 560 F.Supp. 458
You may refer the under given link for details.https://bulk.resource.org/courts.gov/c/F2/560/560.F2d.206.76-2106.html
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I have discussed this case with others, but it seems more details come out.
Basically the bank sent me a 30 year mortgage TILA and GFE 2006
they switched the loan at closing to an 18 month construction loan. I had no idea.
they sent no monthly statements, I thought I was paying mortgage.
18 months later I got a 'construction loan doe notice"
Cut to chase, I sued the bank for fraud, etc. 2009
I did not sue for tila violations because I could not find papers, computer had crashed.
In discovery bank did not provide an evidences they sent me a 30 year loan promise and in fact their VP in an affidavit stated they never promised me a 30 year loan.
They also admitted they did not cooperate with discovery. I filed motions to no avail.
At great expense, I hired a computer guy to go over the 6 year old hard drive and he found the original 30 year tila and gfe documents from 2006!.
Before I could get them into evidence, the judge granted the bank SMJ.
I appealed with the new found tila evidence and won on appeal on the fraud cause in April.
My question is, because the bank failed to provide these in discovery, and denied their existence, can I NOW file TILA violations?
I realize their is a statute of limitations, but I could not reasonably attain them, and the bank was not forthcoming???
It was obvious to the supreme court that the bank is behaving badly, and in fact tried to pass of an internal memo discussing the issue of the property zoning, which they failed to disclose, as a 'letter' to me.
What else can I do when they are continuing to act in such bad faith?
Okay so even though I am suing for fraud, because they failed to provide the TILA etc in discovery, and I subsequently located the docs on a 7 year old corrupted hard drive, I can now file the tila violations? should I add this to my suit or file a new complaint? I am scheduled for pre trial july 30. I am hoping to find an atty bu they all tell me they are too busy to take any new cases? In the meantime I have some legal help.