Marr v. Bank of America, No. 11-1424 (7th Cir. 2011)
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A provision of the Truth-in-Lending Act, 15 U.S.C. 1601, requires that consumers receive clear and conspicuous notice of the right to rescind within three days. Regulation Z requires that the consumer be given two copies of the notice at closing; failure to comply extends the time to rescind to three years, 13 C.F.R. 226.23(a)(3). When plaintiff closed the refinancing of his home in 2007 he signed a receipt for the notices, but he claims that he discovered, two years later, that he had only one copy. The district court entered summary judgment in favor of the lender and title company. The Seventh Circuit reversed and remanded, holding that plaintiff presented enough evidence to survive summary judgment.
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