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Thank you for contacting Just Answer.It depends on the type of action -what type of case is this?
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!
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.
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.