NYAG Schneiderman's SCOTUS brief in Jesinoski v. Countrywide | "Amici states have a compelling interest in ensuring effective enforcement of TILA. ". ... "Protecting home ownership is vital state policy. ".
IN THE Supreme Court of the United States ON WRIT OF CERTIORARI TO THE UNITED STATES COURT OF APPEALS FOR THE EIGHTH CIRCUIT
LARRY D. JESINOSKI, et ux., Petitioners, V. COUNTRYWIDE HOME LOANS, INC., et al., Respondents. BRIEF FOR THE STATES OF NEW YORK, ARIZONA, ARKANSAS CONNECTICUT, DELAWARE, HAWAII, ILLINOIS, INDIANA, IOWA, KENTUCKY, MAINE, MARYLAND, MASSACHUSETTS, MICHIGAN, MINNESOTA, MISSISSIPPI, NEVADA, NEW HAMPSHIRE, NEW MEXICO, NORTH CAROLINA, OREGON, RHODE ISLAND, TENNESSEE, VERMONT, WASHINGTON, WEST VIRGINIA, AND THE DISTRICT OF COLUMBIA, AS AMICI CURIAE IN SUPPORT OF PETITIONERS ERIC T. SCHNEIDERMAN Attorney General State of New York BARBARA D. UNDERWOOD* Solicitor General STEVEN C. WU Deputy Solicitor General CECELIA C. CHANG Special Counsel 120 Broadway New York, NY 10271 (212) 416-8020 barbara.underwood@ag.ny.gov Counsel for Amici Curiae QUESTION PRESENTED The Truth in Lending Act provides that consumers who enter into credit transactions secured by their principal dwelling shall have the right to rescind the transaction until three business days after the delivery of legally mandated “information and rescission forms” by the creditor. 15 U.S.C. § 1635(a). A consumer exercises the statutory right of rescission “by notifying the creditor, in accordance with [governing] regulations,” of his or her intent to rescind. Id. The Act further provides that a consumer’s “right of rescission shall expire three years after consummation of the transaction.” whether or not a creditor has made required disclosures by that time. Id. § 1635(f). The question presented is: Do consumers timely exercise rescission rights under the Act by notifying creditors of their intent to rescind within three years of consummation of a transaction, or must consumers both give notice and also file a lawsuit seeking rescission within three years of consummation of a transaction to prevent statutory rescission rights from expiring? [...]