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December 2, 2004 11:20 AM

High Court Sets Truth In Lending Limit


Excerpt: The Supreme Court ruled Tuesday the federal truth in lending law caps damages at $1,000 for violations of its requirements for consumer loans secured by personal property, such as a motor vehicle.

　 　

The Supreme Court ruled Tuesday the federal truth in lending law caps damages at $1,000 for violations of its requirements for consumer loans secured by personal property, such as a motor vehicle.

The law instructs lenders to disclose certain information to borrowers and imposes civil liability on those who fail to do so. It allows damages double the amount of the finance charge, but for each violation, Congress specified a minimum recovery of $100 and maximum one of $1,000.

Congress amended the law in 1995 to raise the amount of damages for violations related only to home acquisition mortgage loans.

By an 8-1 vote, the high court ruled the amendment did not also raise the amount of damages that could be recovered for violations involving personal property, like motor vehicle loans.

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Read all 26 posts in the same category of Credit/Credit Card:

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Credit Cards Offer Safety In Buying Online - Dec 06, 2004
How to Deal With Your Debts - Dec 04, 2004
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