Rosenfield v HSBC | CFPB AMICUS BRIEF "Recession period under TILA only defines the time to notify the lender and not the time to sue the lender"

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Rosenfield v HSBC | CFPB AMICUS BRIEF “Recession period under TILA only defines the time to notify the lender and not the time to sue the lender”

Rosenfield v HSBC | CFPB AMICUS BRIEF “Recession period under TILA only defines the time to notify the lender and not the time to sue the lender”

No. 10-1442
____________________________
IN THE UNITED STATES COURT OF APPEALS
FOR THE TENTH CIRCUIT
____________________________
JEAN C. ROSENFIELD,
Plaintiff-Appellant,
v.
HSBC BANK, USA, ET AL.,
Defendants-Appellees.

ON APPEAL FROM THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF COLORADO
The Honorable Marcia S. Krieger
____________________________
BRIEF OF THE CONSUMER FINANCIAL PROTECTION
BUREAU AS AMICUS CURIAE IN SUPPORT OF
PLAINTIFF-APPELLANT AND REVERSAL
____________________________
Leonard J. Kennedy
General Counsel
To-Quyen Truong
Deputy General Counsel
David M. Gossett
Assistant General Counsel
Rachel Rodman
Senior Counsel
Peter G. Wilson
Kristin Bateman
Attorneys
Counsel for Amicus Curiae

CONSUMER FINANCIAL PROTECTION BUREAU
1700 G Street, NW
Washington, D.C. 20552
(202) 435-7237
March 26, 2012

EXCERPT:

QUESTION PRESENTED

Section 125 of the Truth in Lending Act (TILA or Act), 15 U.S.C. § 1601 et seq., provides consumers a statutory right to rescind certain types of mortgage loans. This rescission right expires three days after consummation of the loan, unless a lender fails to provide the consumer with disclosures mandated by the Act. 15 U.S.C. § 1635(a).

In that case, the right to rescind is extended until the lender provides the disclosures. Id. If the disclosures are never provided, the right to rescind expires three years after consummation of the loan or upon sale of the home, whichever occurs first. Id. § 1635(f). The consumer exercises the right to rescind “by notifying the creditor, in accordance with regulations of the [Consumer Financial Protection] Bureau, of his in-tention to do so.” Id. § 1635(a).

This appeal presents a question concerning the timeliness of lawsuits arising out of a consumer’s exercise of the right to rescind under the Act: When a consumer timely exercises an allegedly valid right of rescission by providing notice to the lender within three years, but the lender does not recognize the rescission, must the consumer also file a lawsuit against the lender within three years?

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