TITLE

"Notice and Cure" Cannot Prevent Suit For T-in-L Damages

PUB. DATE
August 2013
SOURCE
Consumer Credit & Truth-in-Lending Compliance Report;Aug2013, Vol. 44 Issue 8, p5
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article discusses a court case wherein a judge ruled that a "notice and cure" clause made by Wells Fargo Bank, N.A. cannot excuse the creditor's failure to comply with the Truth-in-Lending Act and cannot prevent a credit card holder from suing the bank even if the latter did not comply with the notice and cure clause before bringing suit. It says that the notice and cure provision amounts to a waiver of the Act's initial account-opening disclosure requirement.
ACCESSION #
91750481

 

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