NYAG Schneiderman's SCOTUS brief in Jesinoski v. Countrywide | "Amici states have a compelling interest in ensuring effective enforcement of TILA. ". "Protecting home ownership is vital state policy. ".

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NYAG Schneiderman’s SCOTUS brief in Jesinoski v. Countrywide | “Amici states have a compelling interest in ensuring effective enforcement of TILA. “. … “Protecting home ownership is vital state policy. “.

NYAG Schneiderman’s SCOTUS brief in Jesinoski v. Countrywide | “Amici states have a compelling interest in ensuring effective enforcement of TILA.  “. …  “Protecting home ownership is vital state policy. “.

IN THE
Supreme Court of the United States
ON WRIT OF CERTIORARI TO THE UNITED STATES
COURT OF APPEALS FOR THE EIGHTH CIRCUIT

LARRY D. JESINOSKI, et ux.,
Petitioners,

V.

COUNTRYWIDE HOME LOANS, INC., et al.,
Respondents.

BRIEF FOR THE STATES OF NEW YORK, ARIZONA, ARKANSAS
CONNECTICUT, DELAWARE, HAWAII, ILLINOIS, INDIANA, IOWA,
KENTUCKY, MAINE, MARYLAND, MASSACHUSETTS, MICHIGAN,
MINNESOTA, MISSISSIPPI, NEVADA, NEW HAMPSHIRE, NEW MEXICO,
NORTH CAROLINA, OREGON, RHODE ISLAND, TENNESSEE, VERMONT,
WASHINGTON, WEST VIRGINIA, AND THE DISTRICT OF COLUMBIA,
AS AMICI CURIAE IN SUPPORT OF PETITIONERS

ERIC T. SCHNEIDERMAN
Attorney General
State of New York
BARBARA D. UNDERWOOD*
Solicitor General
STEVEN C. WU
Deputy Solicitor General
CECELIA C. CHANG
Special Counsel
120 Broadway
New York, NY 10271
(212) 416-8020
barbara.underwood@ag.ny.gov
Counsel for Amici Curiae

QUESTION PRESENTED
The Truth in Lending Act provides that
consumers who enter into credit transactions secured
by their principal dwelling shall have the right to
rescind the transaction until three business days
after the delivery of legally mandated “information
and rescission forms” by the creditor. 15 U.S.C.
§ 1635(a). A consumer exercises the statutory right of
rescission “by notifying the creditor, in accordance
with [governing] regulations,” of his or her intent to
rescind. Id. The Act further provides that a
consumer’s “right of rescission shall expire three
years after consummation of the transaction.”
whether or not a creditor has made required
disclosures by that time. Id. § 1635(f).
The question presented is:

Do consumers timely exercise rescission rights
under the Act by notifying creditors of their intent to
rescind within three years of consummation of a
transaction, or must consumers both give notice and
also file a lawsuit seeking rescission within three
years of consummation of a transaction to prevent
statutory rescission rights from expiring?

[…]

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