On Dec. 6, a unanimous panel reversed a February 2011 summary judgment in favor of the bank by Eastern District of Wisconsin Judge J.P. Stadtmueller and remanded the case. The case, Marr v. Bank of America N.A., was brought under the federal Truth-in-Lending Act (TILA).
TILA’s Regulation Z requires a creditor to give a borrower two copies of a notice of his right to rescind a loan within three business days. That notice must be given at the end of a closing. Failure to comply extends the rescission period to three years.
