3rd Circuit Rules Truth in Lending Act Disclosure Obligations Can't Be Delegated to 3rd Party

Summary

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The Truth in Lending Act does not permit a creditor to delegate its disclosure responsibilities, but requires that all pertinent disclosures be made by a single creditor, the 3rd Circuit has ruled.

The plaintiff brought a class action alleging that in connection with financing for an auto purchase a bank did not disclose a voluntary debt cancellation fee. The complaint was dismissed on the ground that the auto dealer, which was acting independently and not as an agent of the bank, disclosed the required information to the plaintiff.

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3rd Circuit Rules Truth in Lending Act Disclosure Obligations Can't Be Delegated to 3rd Party

But the 3rd Circuit said that the the Truth in Lendi...

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