In a precedent-setting decision that could have widespread implications for lenders, the U.S. Court of Appeals for the Third Circuit has ruled that a rescission action, filed by borrowers more than three years after the closing on their loan, was timely. In that case, the court held that a borrower’s sending of a notice of rescission to the lender within the statutory required three-year period is all that is required to exercise the right to rescind under the Truth in Lending Act (TILA). Sherzer v. Homestar Mortgage Services, No. 11-4254, 2013 U.S. App. Lexis 2486 (3d Cir. Feb. 5, 2013).
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