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ARTICLE · 14 JANUARY 2015

Supreme Court Decision Alert - January 13, 2015

Mayer Brown
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Truth in Lending Act—Home Loans—Manner of Exercising Right of Rescission

United StatesLitigation, Mediation & Arbitration
Richard Katskee
Richard Katskee
Brian Netter
Brian Netter
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Keywords: Truth in Lending Act, TILA

Yesterday, the Supreme Court issued one decision, described below, of interest to the business community.

Truth in Lending Act—Home Loans—Manner of Exercising Right of Rescission

Jesinoski v. Countrywide Home Loans, Inc., No. 13-684, (described in the April 28, 2014, Docket Report)

The Truth in Lending Act (TILA) gives certain borrowers an unconditional right to rescind a home loan "until midnight of the third business day following the consummation of the transaction or the delivery of the information and rescission forms" required by the TILA. 15 U.S.C. § 1635(a). The borrower exercises this right to rescind by "notifying the creditor ... of his intention to do so." Id. After the three-day period expires, the borrower may rescind the loan only if the creditor has not delivered the required "information and rescission forms." Id. And in all events, the borrower's right to rescind "shall expire three years after the date

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