Rescission

News & Analysis as of

Supreme Court Provides TILA Home Loan Rescission Guidance

In a recent unanimous decision, the United States Supreme Court held that a borrower exercising her right to rescind a mortgage loan under the Truth in Lending Act (“TILA”) merely had to provide written notice of rescission...more

Section 25501.5 – I Ask Again What Do It Mean?

Corporations Code Section 25501.5 generally authorizes an action for rescission (or damages, if the security is no longer owned) by any person “who purchases a security from or sells a security to a broker-dealer that is...more

California Court Rejects Insurer’s Right to Rescind Policy

In DuBeck v. California Physicians’ Service, 2015 Cal. App. LEXIS 203 (March 5, 2015, opinion filed), the California Court of Appeal examined whether a health insurer’s conduct constituted a waiver of the right to rescind its...more

Real Estate and Land Use - March 2015

Be Careful What You Agree To (City of San Marcos v. Loma San Marcos, LLC) - Why It matters: The Court of Appeal affirmed the trial court decision upholding an agreement between the City of San Marcos and a property owner...more

All Consuming - Legal Updates for Consumer Finance Professionals

In This Issue: - Supreme Court Provides TILA Home Loan Rescission Guidance - West Virginia Legislature Proposes Changes to the WVCCPA - Defeating Another Challenge to the Mortgage Electronic Registration...more

Mid-South Regulatory Compliance Group Quarterly Report Vol. 12 No. 1

In this Report: - CFPB Adopts Final Changes to TILA-RESPA Integrated Disclosure Rule - “Know Before You Owe” Deadline Disclosure - TILA-RESPA Disclosure Compliance Guides Available - What Constitutes...more

Cancellation and Delay Waive Right to Later Rescind Ab Initio

In DuBeck v. Cal. Physicians' Service (No. B250129, filed 3/5/15), a California appeals court held that Blue Shield’s initial decision to cancel a healthcare policy for application misrepresentations constituted a waiver of...more

Right of Rescission after Jesinoski v Countrywide

In a unanimous opinion, the Supreme Court held that providing a notice of rescission within the three-year period is timely and sufficient to trigger rescission within the meaning of 15 USC § 1635(f), the operative...more

Third Circuit Evaluates The Definition Of “Materiality” In Rescission Claims

In a case on which we previously reported, the Third Circuit recently evaluated the legal standard for determining materiality in a claim for rescission of an insurance contract. The case involved a dispute between two...more

Illinois Supreme Court Holds Innocent Misrepresentation on Malpractice Renewal Grounds for Rescission

A law firm partner innocently repeats a misrepresentation by one of his or her partners on a renewal form for the firm’s malpractice insurance. Can the misrepresentation be grounds for completely rescinding the policy? On...more

The Truth in Lending Act and Rescission: Lessons Learned by Lenders from Jesinoski v. Countrywide

The Supreme Court just made mortgage rescission a little bit easier for borrowers and scarier for lenders in Jesinoski v. Countrywide Home Loans. Under the Truth in Lending Act, 15 U.S.C. §1601-1677 (“TILA”), mortgage lenders...more

Louisiana Lessee Could be Liable for Withholding Information

A Quiz - You are in Louisiana and are described as having a “lesion beyond moiety”. What do you do? A. Contact your primary care physician for an appointment...more

Florida’s Second District Reverses Summary Judgment for Insurer Based on Material Misrepresentation on Homeowner’s Application

In Mora v. Tower Hill Prime Ins. Co., 2015 Fla. App. LEXIS 812 (Fla. Dist. Ct. App. 2d Dist. Jan. 23, 2015), the Second District reversed a Hillsborough County trial court’s grant of summary judgment in favor of the insurer....more

Supreme Court’s Jesinoski Ruling Provides Clarity on TILA Rescission While Creating Many Questions

On January 13, 2015, the U.S. Supreme Court settled a circuit court split regarding how and when a mortgage borrower may exercise the right of rescission under the Truth-in-Lending-Act (“TILA”) and the CFPB’s implementing...more

Supreme Court Issues Significant Decision Interpreting Truth In Lending Act

In a unanimous decision issued on January 13, the Supreme Court held that a borrower exercises its right to rescind under Section 1635 of the Truth In Lending Act (TILA), simply by notifying its creditor of its intent to...more

Locke Lord QuickStudy: EPA Stakes Out Approach to Address GHG Permitting for Authorized Sources Affected

On December 19, 2014 the Environmental Protection Agency (EPA) issued two memoranda outlining the Agency’s planned response to the Supreme Court’s June 2014 decision in Utility Air Regulatory Group (UARG) v. Environmental...more

Avoiding Liability Under the Home Solicitation Sales Act

By now most contractors are familiar with Ohio’s Home Solicitation Sales Act and have added language to their consumer contracts incorporating the standard 3 day notice of a consumer’s right to cancel. ...more

Truth In Lending Act Requires Notice, Not Suit

In a unanimous and brief five page opinion, both rarities for the U.S. Supreme Court, the decision in Jesinoski v. Countrywide Home Loans (Docket 13-684, Jan. 13, 2015) made clear that the Federal Truth in Lending Act...more

Rescission of Home Mortgage Loans

The Truth-in-Lending Act (“Act”) was adopted in 1969. It has spawned dozens of lawsuits and hundreds of administrative rules and interpretations. Recently, the United States Supreme Court had an opportunity to address the...more

Borrowers Need Not File Suit to Rescind Mortgage Loan Under TILA, U.S. Supreme Court Holds

Why it matters - In a victory for consumers, the U.S. Supreme Court unanimously ruled that the Truth in Lending Act (TILA) does not require borrowers to file suit to rescind a mortgage loan transaction within the...more

Supreme Court Rules Written Notice Is Sufficient to Rescind under TILA

Action Item: In light of the United States Supreme Court’s decision in Jesinoski, lenders should be aware that written notice provided by the borrower, within three years of the loan consummation, is sufficient to exercise...more

New York Insurance Law: 2014 Year in Review

Introduction - Perhaps the most significant and dramatic decision of the year played out when the Court of Appeals, New York's highest court, backtracked on an earlier decision regarding the duty to defend. It first...more

Supreme Court Eases Requirements for Homeowners Rescinding Mortgages

The U.S. Supreme Court recently held in Jesinoski v. Countrywide Home Loans, Inc. that borrowers exercising their right to rescind mortgages under the Truth in Lending Act (“TILA”) only need to provide written notice to...more

No Lawsuit Required to Rescind: U.S. Supreme Court Clarifies Mortgage Rescission Notification Requirements for Borrowers under...

Background of Notice versus Lawsuit Issue - The Truth in Lending Act (“TILA”), as implemented by Regulation Z, provides borrowers with a powerful tool: the right to rescind certain mortgage loan transactions. This...more

High Court Clarifies TILA Rescission Procedure

In Jesinoski v. Countrywide Home Loans, et al. (No. 13-684), the U.S. Supreme Court has eased the process by which a borrower may seek to walk away from his home mortgages, holding that the borrower, in order to avail himself...more

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