Talaie v. Wells Fargo Bank, No. 13-56314 (9th Cir. 2015)
Annotate this CasePlaintiffs filed a putative class action against Wells Fargo and U.S. Bank, alleging federal and state law claims arising out of the modification of the deed of trust for plaintiffs' home. At issue is the retroactivity of 15 U.S.C.1641(g), a 2009 amendment to the 1968 Truth in Lending Act (TILA). Section 1641(g) requires a creditor who obtains a mortgage loan by sale or transfer to notify the borrower of the transfer in writing. The court held that section 1641(g) does not apply retroactively because Congress did not express a clear intent to do so. The court noted that its holding is consistent with numerous district court decisions. Accordingly, the court affirmed the judgment.
Court Description: Truth in Lending Act. The panel affirmed the district court, and held that 15 U.S.C § 1641(g), a 2009 amendment to the 1968 Truth in Lending Act which requires a creditor who obtains a mortgage loan by sale or transfer to notify the borrower on the transfer in writing, does not apply retroactively because Congress did express a clear intent that it do so.
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