§ 3.6 Remedies and Damages

LibraryFee Agreement Compendium (OSBar) (2018 Ed.)
§ 3.6 REMEDIES AND DAMAGES

§ 3.6-1 Rescission Rights

Subject to certain circumstances extending the time, a consumer has three business days to rescind a transaction that results in the creditor's retaining a security interest in the consumer's principal dwelling. 15 USC § 1635; 12 CFR § 1026.15; 12 CFR § 1026.23. For this provision to apply, the transaction must otherwise be subject to the provisions of TILA. See The Ethical Oregon Lawyer § 3.3-5, § 3.5-1(a) to § 3.5-1(b) (OSB Legal Pubs 2015); 1 Consumer Law in Oregon § 7.2-3(b)(10), § 14.1-2(b)(1) (OSB Legal Pubs 2013).

§ 3.6-2 Civil Liability

Civil damages are available under TILA as set forth in section 1640 of title 15 of the United States Code (USC). In general, it provides that a creditor is liable for actual damages and, for certain violations, statutory damages for violating any requirement under 15 USC section 1635 (rescission provisions), 15 USC sections 1631 to 1649 (disclosure provisions in open-end and closed-end credit transactions), 15 USC sections 1666 to 1666j (credit card billing practices), and 15 USC sections 1667 to 1667f (consumer leases).

NOTE: Before the enactment of TILSA, a creditor was liable for actual damages and statutory damages of twice the finance charge, with a minimum recovery of $100 and a maximum recovery of $1,000, for any disclosure violation of any of these sections. Subsequent amendments, however, created an exception to this general rule of liability; increased the amounts of statutory damages; and provided that for closed-end and open-end credit, the creditor was liable for statutory damages for violating only certain disclosure requirements in 15 USC sections 1638 and 1637.

§ 3.6-3 Statutory Damages

§ 3.6-3(a) Amount of Statutory Damages

A lawyer who violates any provision of TILA is liable to the aggrieved client in an amount equal to any actual damages...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT