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RobertJDFL
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What is the statute of limitations to file suit in the state

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What is the statute of limitations to file suit in the state of NJ for small claims court?
Submitted: 3 years ago.
Category: Legal
Expert:  RobertJDFL replied 3 years ago.

Thank you for contacting Just Answer.

It depends on the type of action -what type of case is this?

Customer: replied 3 years ago.
I applied for an unsecured loan for a start up business. It took the institution 4 months to deny my application. I was under the impression the Fair Credit Act required banks to respond to an application within 30 days. They dragged me along the process, I have lengthy emails of them requesting the same information from me over and over again. They ended up firing the loan officer.
Expert:  RobertJDFL replied 3 years ago.
I'm not aware of any specific provision in the Fair Credit Reporting Act that requires a lender to give you an answer on a loan within 30 days. That said, if you believe a violation has occured, the FCRA provides a two (2) year statute of limitation commencing from the date of the violation of the Act, regardless of whether the victim even knows of the violation.
Customer: replied 3 years ago.
what would be the maximum I could sue for in small claims on such a case in the state of NJ?
Expert:  RobertJDFL replied 3 years ago.
Small claims only handles matters up to $3,000. If the amount is more than that, but less than $15,000, you could file in the Special Civil Division. If your damages exceed $15,000, you would want to file a lawsuit in Superior Court.
RobertJDFL, Attorney
Category: Legal
Satisfied Customers: 10286
Experience: Experienced in multiple areas of the law.
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Customer: replied 3 years ago.
Thank you
Customer: replied 3 years ago.

http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=ecfr&sid=be5748eeab2b6c3c8d0d628b1bbeb674&rgn=div8&view=text&node=12:2.0.1.1.3.0.2.9&idno=12

 

Here's a link to a government website that talks about a lender's obligation to respond to a loan application within 30 days. Am I not reading, or understanding this properly? Thank you for your assistance!

Expert:  RobertJDFL replied 3 years ago.

You're not reading it wrong, but it's not under the Fair Credit Protection Act, which is what was throwing me off. This is the Equal Credit Opportunity Act. The statute of limitations is still the same (2 years from the violation) and allows a plaintiff to seek actual damages up to $500,000 or 1% of their net worth, whichever is less, plus $10,000 in punitive damages for each violation.

RobertJDFL, Attorney
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Customer: replied 3 years ago.
I think this will be my last question on the matter. There was no actual loss or damage other than a ton of time that I wasted, and a lot of stressful and sleepless nights (unless that in itself is considered damage). My loan application consisted of over 70 pages of documents (business plan, 3 year's tax returns, and other documents supporting my credit worthiness) that took more than a couple of days to put together. Not counting the time spent responding to their emails, and the phone conversations with the loan officer. Only to have them fire the loan officer and push my application to the side, literally, I just stopped hearing from them. My loan application is dated Nov. 30, 2010. I have a letter of denial from them dated March 25, 2011. What is the feasibility of me bringing this to suit and winning, and in which court? It sounds like small claims may not be the way to go? Thanks again for your timely responses. I'd like to have my ducks in order before contacting a local attorney.
Customer: replied 3 years ago.
I think this will be my last question on the matter. There was no actual loss or damage other than a ton of time that I wasted, and a lot of stressful and sleepless nights (unless that in itself is considered damage). My loan application consisted of over 70 pages of documents (business plan, 3 year's tax returns, and other documents supporting my credit worthiness) that took more than a couple of days to put together. Not counting the time spent responding to their emails, and the phone conversations with the loan officer. Only to have them fire the loan officer and push my application to the side, literally, I just stopped hearing from them. My loan application is dated Nov. 30, 2010. I have a letter of denial from them dated March 25, 2011. What is the feasibility of me bringing this to suit and winning, and in which court? It sounds like small claims may not be the way to go? Thanks again for your timely responses. I'd like to have my ducks in order before contacting a local attorney.
Expert:  RobertJDFL replied 3 years ago.

Unfortunately, loss of sleep, aggravation, and perhaps the urge to do physical harm to an incompetent loan officer are not compensable actual damages. Actual damages would be something like the loss of business you may have suffered because the loan was not timely processed (e.g., you needed the loan to be able to produce a product for a client that would have made you $200,000, and when you couldn't get the loan, you lost the client -you have potential actual damages of $200,000).

 

You still could seek punitive damages, which can be awarded up to $10,000. Since it's a federal act though, you should file in federal district court.

 

I don't know what county in New Jersey you are in, but here is a list of county bar associations -call the one in the county you reside (or closest to where you reside) and they can assist you in finding an attorney who has experience in litigating under this act.

RobertJDFL, Attorney
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RobertJDFL
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