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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
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Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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when they say the truth in lending is remedial by nature,

Resolved Question:

when they say the 'truth in lending is 'remedial' by nature, what does this mean?
Submitted: 1 year ago.
Category: Finance
Expert:  Rakhi Vasavada replied 1 year ago.

rakhivasavada :

Dear Friend,

Hello and welcome and Thank you for using Just Answer.

rakhivasavada :

Are you there ?

rakhivasavada :

Kindly remain online for a while as I prepare your reply.

rakhivasavada :

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.

rakhivasavada :

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).

rakhivasavada :

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.

rakhivasavada :

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

rakhivasavada :

You may refer the under given link for details.

https://bulk.resource.org/courts.gov/c/F2/560/560.F2d.206.76-2106.html

rakhivasavada :

I am sure this would help.

rakhivasavada :

You may please leave a positive rating if this helps. Alternatively, please feel absolutely free to revert with queries and I shall be more than happy to keep assisting you.

Warm Regards,

Expert:  Rakhi Vasavada replied 1 year ago.
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Customer: replied 1 year ago.

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?


 


 


 


 

Expert:  Rakhi Vasavada replied 1 year ago.
Dear XXXXX,

Hello and welcome again. Thank you for your follow up questions. Also, many thanks for explaining your matter in detail. It greatly helps.

Having said this, you certainly CAN seek remedy and file for TILA violations.

Consumers who later learn of the creditor’s TILA violations can seek equitable relief from the strict statute of limitations through a legal theory known as “equitable tolling” of the statute of limitations. This is also known as the “discovery doctrine”, wherein a limitations period does not begin to run until after the wrong is discovered.

Consumers who later learn of the creditor’s TILA violations can allege an equitable tolling of the statute of limitations. When the consumer has an extended right to rescind

OR

pursue other statutory remedies because a violation occurs, the statute of limitations for all the damages the consumers seek extends to three years from the date the violation is revealed. Reference from McIntosh v. Irwin Union Bank & Trust Co., 215 F.R.D. 26, 30 (D. Mass. 2003).

You will need a good legal advice on this, prima facie you do have the ground. You should take help of a local attorney for this.

I am sure this would help.

You may please leave a positive rating if this helps. Alternatively, please feel absolutely free to revert with queries and I shall be more than happy to keep assisting you.

Warm Regards
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 3906
Experience: Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
Rakhi Vasavada and other Finance Specialists are ready to help you
Customer: replied 1 year ago.

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.

Expert:  Rakhi Vasavada replied 1 year ago.
Dear Mary,

Hello and welcome again. Thank you for your follow up.

Yes, my interpretation is that you can now file TILA violations. It should done within 3 years of discovery of violations. To add this to your existing complaint or filing a new complaint would be a technical question, and the lawyers should be the best person to tell you on this.

If you need help finding attorneys, the best method would be to contact your State Bar Association. All bar associations typically have lawyer referral services. They will help you find person who would better equipped to handle your case.

I am sure this would help.

You may please leave a positive rating if this helps. Alternatively, please feel absolutely free to revert with queries and I shall be more than happy to keep assisting you.

Warm Regards

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